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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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Hahaha, the devils is in the details of this article! A non-profit housing agency was unable to remain solvent because too few people paid rent. So it was forced to evict non-paying tenants (despite promises not to do so) in an attempt to place paying tenants. Those non-paying tenants called the housing department for code violations, and the city took it to heart, and began fining the living bejezus out of an insolvent non-profit, to the tune of $88,000,000. As a result of non-paying tenants, high debt loads and city fines, the non-profit today has less than $100 in the… Read more »
That’s exactly how the story should have been written.
Low income housing programs all become a disaster. They start with beautiful new buildings, but they are destroyed in 5 years. Not the fault of the Better Housing Foundation.