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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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A Chicago cop I know went on disability for a few years with just a doctor’s note. He said he feels fine, but he needed to take his union contracted “disability”, basically a long vacation. Its a “benefit” or at least treated like one in Chicago. Burke wants the work comp system because it’s basically a slush fund. He retired at 50 to texas with a nice pension and full health benefits for the family. Insurance fraud is a contracted employee benefit in chicago.
“Then the mayor will have to hire professionals instead of employees that have backgrounds in dog walking, dog grooming, waitressing, etc.,” Stone said.
The assumption the mayor will appoint a non political competent workers comp administrator is unrealisticgiven the history of Chicago, especially if there are embarrassing if not illegal activities to hide.