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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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Hmm.. I wonder if the other locales cited have a mayor and aldercreatures activity trying to restrict policing and eventually do away with law enforcement?
So many back room deals taking place. There are Clean Jobs Coalitions and representatives from unions and a mirid of others involved in slicing up the Illinois tax payer to fund the Chicago transit problem. The state reps involved say they want reforms (whatever the hell that means) before they fund anything, for some that might be true…but for most that statement is just theatre…but, hey, the clock is ticking people and the end of this legislative session in nearing the end and there isn’t much time left to get your cut and once again screw the Illinois tax payer.… Read more »