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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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$26.5M in improperly paid overtime. The article seems to blame the lack of technology to monitor payments…perhaps too, there needs to be some form of honesty and character within the employees to not take the salary overtime that was paid by mistake (yeah, never mind). The article goes on to say that the City Council has been advocating for a technology upgrade for years, but the administration never does it. This year they have $300M in the budget for upgrades/updates. But using the Cook County accounting system update as an example, the City would need $1B or so to really… Read more »
Just as Washington has been for years; everyone’s trying to get theirs before it all comes crashing down.
All the public sector workers are rushing to get all the money they can before the golden goose dies.