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.
Reminds me of the old guns vs butter debates. Historically (at least theoretically), liberals support programs like those described. However, when public employee pension liabilities crowd-out these programs, there is no rush to fund them if funding might require card-carrying liberal seniors to endure pension cutbacks. Virtue-signaling isn’t cheap but it’s publicly subsidized so what-the-hell. I’m not suggesting this is different than right-wing retired colonels on the golf course, dictating memo’s to their congress-persons about keeping a robust defense budget so that their pensions and PX privileges can continue from age 55 forward. My [rhetorical] question is why the penurious… Read more »