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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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“Lightfoot: ‘Can’t keep taxing the hell’ out of substantial earners” OR Lightfoot: “Can tax the hell out of *suburban* earners” Suburban commuter tax is on the table folks. It’s in NYC and it’ll be here too. It’s a short term fix with long term ramifications – isn’t that why White Plains exists? She’s not talking about it because it’ll be passed with little notice at 3 AM during a polar vortex weekend, with the Democratic Socialist Caucas cheering it on the entire way. I get the feeling that Lightfoot’s progressive ideals are starting to clash with fiscal realities and it’s… Read more »