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There aren’t easy answers to these challenges, and this post is more of a strangled cry for help than a detailed set of solutions.
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 article. Government crushed by its own weight. The author fails to acknowledge that they did this to themselves, one interest group at a time. Also, it’s time to stop using the phrase public servants to describe government employees. A quaint phrasing that no longer describes reality, if it ever did.
And no mention that are “public servants” are at a minimum the upper-middle class delivering incompetent services at astronomical prices to a citizenry making less, (at least in Chicago anyway)….and THEY can’t understand why folks voted for Trump.
Thumbs down from Pensions Paid First.