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Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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O goody!! Another program that will be flooded by members of the free stuff army in another of Pritzker’s vote buying programs…money that should go to the pension funds.
I’m not so sure. Isn’t it really a package designed to clean up the programs out there and make them more efficient? I don’t know this field well enough to say, but it strikes me as sensible. Maybe somebody else out there who knows this field can comment.
Well then mark maybe you are right and I should sit back and see. Perhaps I get too pessimistic after hearing about these so called Illinois fix it programs over the 70 plus years of my life as to where I no longer believe them. I should take a more open mind in the future and sit back and wait things out.
I need to apologize to former Governor Edgar too because he is still with us meaning that his ramp plan still has time to work. Darn and shucks…I have oficially become a grumpy old man.
Please don’t go that far. Cynicism should always be starting point.