Mary Williams Walsh, a finance expert and a former New York Times reporter, has advice for the new mayor: Respect current taxpayers, and do whatever he can to keep them — and the businesses that employ them — from leaving.
To straighten out its pension mess, Chicago needs leaders with strong financial backgrounds and independence from public unions.
Eugene from a payphone
3 years ago
Brandon Johnson’s political backers are responsible fo at least 2 of those woeful pensions, the Chicago Teachers fund and the Municipal Employees fund. He should be coming into office with some easy solutions.
Poor Taxpayer
3 years ago
The pension shortfall was by design. The cash inflow could never have paid for the huge benefits. Not enough money in the world to cover multimillion-dollar pensions for tens of thousands of government workers for over 30 to 40 years. Pensions paid more than the jobs ever did (way more).
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
To straighten out its pension mess, Chicago needs leaders with strong financial backgrounds and independence from public unions.
Brandon Johnson’s political backers are responsible fo at least 2 of those woeful pensions, the Chicago Teachers fund and the Municipal Employees fund. He should be coming into office with some easy solutions.
The pension shortfall was by design. The cash inflow could never have paid for the huge benefits. Not enough money in the world to cover multimillion-dollar pensions for tens of thousands of government workers for over 30 to 40 years. Pensions paid more than the jobs ever did (way more).