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.
To make the right financial decisions for the city, Chicago needs leaders who are not corrupt and who have financial acumen. Otherwise, residents and businesses suffer.
Perhaps voters of Chicago will need to start choosing candidates that can fulfill such requirements.
Or perhaps the city will collapse and the gravy train will end in bankruptcy.