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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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The trust fund has a $58.6 million cash reserve, apparently a full-time staff, and a board of directors. Is it a little too early to holler “hurt”? Also, if the woman who was the subject of the article was able to live in a studio apartment with another person for 20 years, why is a one-bedroom needed? I guess when the money is free, there are no limits, until there is no money (except $58.6 million).
Don’t give away what you don’t have.
Fund less units, problem solved.