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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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Sounds like the new, progressive slate has to play by the same ( petty ) rules as everyone else does and doesn’t care for it. I wouldn’t count on being a write in candidate, as doing so and getting the name right is just too much to ask of some folks.
Things like this have and will be coming across the State as municipalities sell off their utility infrastructure to pay the pensions. The plants’ hiring practices became imbedded with nepotism and cronyism to where salaries were more important than infrastructure maintenance and required upgrades. Now, by selling the plants, the private companies’ complete the necessary upgrades sparing the politicians that caused the problems being blamed for the increased rates. Two operations near me downstate recently took this route and others have been listed here at Wirepoints in the past. This will probably be a new norm in Illinois as politicians… Read more »