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.
The payoff for greedy state workers running the state and the courts will be state bankruptcy allowance as well as municipal bankruptcy allowance in less than five years. Math and reality say so, and they always win. Enjoy your homeless retirements state workers!