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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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although I’m sure could be very complicated, to educate chicago low info voter, whats needed is some kind of simple spreadsheet listing what all major cities spend per capita (including all benefits) yearly for each major services–education, police, fire, sanitation, etc, hosted by some creditable site like wp or tia. I’ve complained for years to reporters that chicago spends the most of any major city per capita on police– this article spells that out. the press only repeats what the pols and unions tell them–that it’s never enough.
Nice thought, NB. But you and all the others here miss something important, even if you have good faith in trying to help: There is zero political will here to oppose public employee unions. The politicians are partners with them (to the death), the public employees are too numerous, and vote for them and shame everyone who dares oppose them (very effectively) and most of the Illinois electorate is either too ignorant or apathetic to see and do anything about what goes on here. Chicago is famous for it’s local “boosterism” Midwest attitude, in which many people here believe that… Read more »
Agree, its unbelievably depressing if you have 1/2 a clue or own anything. and agree, most Illinoisans are still content to walk around in blissful ignorance not realizing they’re being duped by the machines pumping out endless fake stats based on fake accounting as second class sharecroppers. why most news outlets are so eager to lap-up the kool-aid is what I don’t get. look out when the next recession hits, if were not at the beginning of one currently (S&P-500 negative for the year.