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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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Every day she proves again that she is no “reformer” she is like all the others, dreams at night about what she can tax. Cutting back anywhere is simply out of the question. True Reformers scare the hell out of govt bureaucrats directing entrenched budgets. But she scares nobody, because they all know her goal is to tax more to keep their entrenched budgets growing. She is the bureaucrats best friend and the taxpayers/homeowners worst enemy. Same old same old here, it’s fun to watch her squirm though, about figuring out what to tax next or how to kick the… Read more »
You’re right, she’s not a reformer. She never presented herself as a reformer. But she presents herself as something else that starts with the letter “R” which she is very familiar with in the legal world – she is a Receiver. A receivership as defined by Wikipedia: “In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person “placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights”—especially in cases where a company cannot meet financial obligations or enters bankruptcy.” This is exactly what she is… Read more »
How can someone in government be the receiver? That seems like a huge conflict.
Seriously, she’s not an ‘actual’ receiver. But she sure is acting like one. As evidenced by her actions taken above regarding WC oversight, litigation maintenance, pension referral to the state, and so on. What did Rahm do for 8 years other than not waste a crisis?
I feel sorry for lightfoot–shes in a hopeless situation, but shes still not revealing what gigantic debt rahm was hidding. Vindictive taxwinkle hinting its north of $1.4 billion. Dont tax payers at least deserve to be presented the full bill??