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It was “a political misjudgment” not to have worked with Springfield on the plan, “when Springfield ultimately was needed. It looked to me like the whole thing was set up on the notion that a fastball could be thrown through the car wash without getting wet because we had people in City Hall that really could be rolled on this,” Civic Federation President Joe Ferguson said.
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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