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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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Out of curiosity, would Alex or the Tribune know good governance if it ran them over? How would they? They have never seen it.
Why is this news? This idea is 50 years old or more.. It is a good example of how short is the memory of Illinois voters. Richard the First (Richard J. Daley) often said “Good government is good politics.” Sound familiar?
Good question. We print op-eds from major officeholders here, but don’t think we don’t cringe.