-- Connecting the dots between our economy, government and business --
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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This is an intentional strategy by the CHA. Did you know that the CHA’s pension fund is fully funded? Of all the Illinois governmental agencies, you would probably guess that the CHA would have the worst pension fund funding, but you would be dead wrong, it’s one of the best. Shocker, huh. There are Chicago media articles going back to at least 2017 on this. So while they’re not very good at taking care of their “customers”, they’re top notch in taking care of their own. I don’t usually compliment Democrats, but the CHA board and management have got to… Read more »