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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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it’s easier to claim success when they beat an artificially low target return
Maybe the pensions should be readjusted periodically to what is available in the funds not to what is expected in the future. As long as the taxpayer (ATM machines) are footing the bill it does not matter. It’s like I would go buy a mansion or a jet that I could not afford and demand that my income be adjusted. I’ll call S.S. and see if they will accommodate me. People in the real word readjust their expenses on a regular basis and now even more often due to ever rising tax’s. They should also. Why are taxpayers responsible for… Read more »