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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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This is a good article as it illuminates how neither the legislators here in Illinois or the courts want to take the hit to reduce pension payments. All one needs to do is to take a look at the central states pension system or teamster 707 pension. This waiting for bankruptcy is ludicrous. Talk about riots in the street and a run on the bank. But again what is bigly absent from the conversation is the prosecution of the officials responsible or any talk of possible prosecutions. Also what’s need are forensic investigations of all these public pension funds. These… Read more »