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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 freeze on patronage jobs?
There has to be a loophole.
Crumbling CPS schools better crowdfund for truckloads of duct tape to hold buildngs together. It’s for the kids.
So basically layoffs and mandatory unpaid furloughs are not options?
Wow. Talk about locking the barn door after the cow has escaped. At the edge of bankruptcy, are Democrats finally realizing that maybe cutting costs is a viable tactic?
Gee, it must be tough to be mayor when you are basically junk rated and borrowing is no longer an option. Ok, a hiring freeze is a good first step. Next you need a wage freeze. Yes, some employees will seek employment elsewhere, but that’s ok because the population they support is also declining, so the city shouldn’t need so many employees. Do not replace those employees that leave. Additionally, don’t worry about union strikes. Don’t budge. Do I believe the mayor can be tough with the unions? I do not, but she may be backed into a corner if… Read more »