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Joe Ferguson, president of Civic Federation, said the mayor can’t meet all of the union’s demands because “the money isn’t there for it.” He said the public deserves to hear from the board and the mayor on where they’ll draw the line. “Where those boundaries are, nobody can say,” Ferguson said.
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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The boundaries will be token at best . The indoctrination squad will get everything they truly want while mewing about not getting the most outrageous, outlandish parts of their proposal as a distraction.