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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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Where was the moderation during 45 years of legislative benefit hikes, and salary hikes, and retiree benefit hikes, and current benefit hikes, while pensions and retiree healthcare were already underfunded in almost all years, in some cases all years, depending on the exact fund. Madigan first became state rep 45 years ago, taking office in 1971 after serving as an elected delegate to the constitutional convention with the 2nd Mayor Daley. Madigan has likely voted for more hikes for Illinois public sector employees than just about any state legislator. Who would have voted for more? While at the same time… Read more »