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.
Get used to things like this as the budget will become more and more directed towards the pension shortfall. I wonder why the Tribune doesn’t explain this? Naturally the situation is old news yet I am so often amazed at how many do not understand the budget issues including those who often retort things like “what about all the lottery money” making me so often ponder if it is the media or the lack of concern by the Illinois populace
Aw shucks, subsidized daycare is on the way out…..