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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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Interesting that they use Destiny’s Child song “Bills, Bills, Bills” as an example. The chorus goes…. Can you pay my bills? Can you pay my telephone bills? Do you pay my automo’ bills? If you did then maybe we could chill I don’t think you do So, you and me are through That same year they released “Independent Women” which goes… The shoes on my feet (I bought it) The clothes I’m wearing (I bought it) The rock I’m rocking (I bought it) ‘Cause I depend on me if I want it So I guess the secret to independence is… Read more »