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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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For the millionth time, City Water Dept crews replacing lead water lines on a T&M basis with no questions asked vrs competitively bid to private contractors has to be one of the greatest fly radar pork barrel projects in city history!! The payday $motherload$ for huge dem machine political contributors the Operating Engineers union.
Per trib (attached) and other articles the lead pipe replacement is an even bigger rip-off to taxpayers as the city is taking out General Obligation bond of $338 mil to match FED $338 mil loan to replace 30,000 lead pipe lines. Or, do the math and that’s $338 mil fed loan +$338 mil city GO bond = $676 mil to replace 30,000 lead pipe lines, or and astounding $22,533 per lead pipe replacement ($338 mil x2/30k=$22,533). And if it’s city water crews performing work vrs competitively bid you can assume that doesn’t include pensions/benefits!!! Then to go further if city… Read more »
Well done, Where’s Mine.