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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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From the Trib website: Lightfoot: “Three key policies: 1) Pass ordinance ensuring affordable housing will be built in all wards; 2) Create a new Mayor’s Office of Public Safety to drive down crime and reform policing 3) Approve a graduated real estate transfer tax to create more funding to eliminate homelessness. Three key positions: 1) Wants to eliminate the Police Department’s gang database; 2) Backs civilian oversight of the Police Department; 3) Supports abolishing U.S. Immigration and Customs Enforcement.” Preckwinkle: “Three top policy proposals: 1) Increase the city’s minimum wage to $15 an hour by 2021; 2) Create a Mayor’s… Read more »