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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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Cops may as well resign as their Ponzi scheme pensions will not be paid.
Chicago has more pension debt than 44 states.
Jim Morrison sang about blood in the streets of Chicago 50 years ago.
Blood in the streets? That is what is going on now. Worthless threats by a Union Thug.
If the prediction is true, would Biden have the cajones to send in the National Guard or the Army to bail out the Dem political machine and protect/defend his faithful Chicago constituents? That would tend to substantiate my own belief that many of our urban problems result from an electorate that is fundamentally illiterate and indifferent. The remainder of the electorate seems to be self-interested, short-term “thinkers.”
“an electorate that is fundamentally illiterate and indifferent. The remainder…self-interested,
Amen brother.
National Guard presence would be extremely unlikely as that visual would deal a serious blow to Chicago’s chances of securing the 2024 Dem convention.
They will resign and get a new job where? There are lots of jobs with great pay, great benefits and huge overly generous pension benefits??
Illinois only has public sector jobs left. Private sector is moving to Texas and Florida by the tens of thousands.
Experienced police officers have plenty of job opportunities. They do have to move, and there likely will be pay and benefit adjustments. I have no idea if the police union official is posturing or if his prediction is well founded. If accurate, Chicago is indeed in for a world of hurt.
Probably at least partially correct. Just like some residents are waiting to see the election result before making a final “stay or go” decision, some police officers are doing the same thing.
The pension Ponzi scheme adjustment will happen in the bankruptcy court. The Chitty is broke, flat A$$ broke. No money for anything.
You’re right. Maybe some day they will be forced to take a 5.5% cut like Detroit pensioners. So in 10 years that 120k pension will be paying out 161k. A Detroit style cut would mean that pension will only pay out 152k per year. Then you’ll finally get your revenge. Hahahahaha.
I think the focus on pensions is too narrow. Yes, the pensions are a significant problem. But a productive civil society needs low crime, solid educational institutions, and conditions for economic growth. There is very little of these attributes in Chicago and its surrounding areas. PPF – looking at the outcomes of other government bankruptcies, your predictions, while not what many of us like to hear, may be correct. But it is worth a mention that the pension problem is a symptom of a much larger set of challenges. I am cautious about selecting one set of data, but the… Read more »
John needs to go away.
Cutting police numbers actually would be beneficial to Chicago as it follows the narrative of the Black Lives Matter movement. Therefore so what? It the culture desired by Chicago residents.
That is what is going on now. Cops will not resign without getting their overly generous pensions. They will all be singing “Punta Gorda here I come”.