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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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This tiff is all for show, like two cats slap boxing that cuddle up to the same bowl of milk moments later. They really don’t care about the city’s credit rating, how much money they blow on the underserved or anything else so long as they get their paychecks.
Rut-row, could city possibly be admitting it can’t layoff collective bargained unionized city workers who where hired with ARPA-COVID funds which where only supposed to be used for ONE TIME expenses?: “Personnel cuts, Jaworski and Budget Director Annette Guzman said, are made more difficult because most must be negotiated with organized labor with existing contracts. “We are having discussions with our labor unions about reductions of costs in our budget,” Guzman said, describing those talks as continuous. Cuts alone could not structurally balance the budget, she added later.” Did city hire unionized city workers with ARPA-COVID $funds$ into newly created… Read more »
Ditto for state, counties, schools, CTA-RTA-METRA, CRAZY 9,000 units of gov, etc, etc. Can anyone name any collective bargained public sec union employees who have been laid off from all the hiring that was done with ARPA-COVID funds that was supposed to be for ONE TIME expenses? The big question is, did public sector unions conspire with dem machine, from Springfield to City hall, from the outset to miss-use ARPA-COVID funds to create additional permanent jobs for thier members knowing full well that after the ARPA-COVID funds are gone dopey taxpayers will be forced to pick up the tab because… Read more »
“ Union! Union! Pension!Pension! F- U, Pay Me!” seems to be the popular sentiment with some people.
With most public union people, better start collecting soon the cow is running out of milk!