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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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Part of the backstory here, which the reporter covering the story probably didn’t know about, is that day care providers have been complaining for years about DCFS’ arbitrary and incompetent oversight of their industry. DCFS was and is notorious for implementing informal “policies” that are not in rule, or conflict with their administrative rules, and enforcing them very erratically. Remember the epic beatdown JCAR gave DCFS just last week, with 2 members (one Dem and one GOP) both suggesting that day care regulation be taken away from DCFS and given to another agency? Looks like they got their wish. Although… Read more »
Another state agency that will never go away.
Waytago, JB! Another place to reward cronies.