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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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News to me–“Mayor Brandon Johnson’s allies have their own proposed referendum that would ask voters if the city should have spending limits on migrants.”: Would spending limits be per migrant or spending on migrants in total for a year? How is city even defining “migrant”? are they talking about the 21,000 “new arival” migrants only? or the 100s of thousands of undocumented migrants who are already here? Once again, the city has no “right to shelter ordinance” like NYC is trying to get rid of, only a vaguely worded welcoming ordinance? The city has no current legal framework, ordinance, laws,… Read more »