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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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Really it kind of is a non-issue. Upper middle class people in they city have zero, literally zero reason to complain about higher taxes. that’s who they vote for, they vote for candidates who openly advocate to raise taxes on the ‘rich’. There should be no surprise when it turns out ‘they’ are actually the rich. I tell upper middle class progressives in the city this all the time. The poor people in chicago barely pay taxes any ways, and the tax bill which is factored into rent really isn’t all that much. Most landlords lose money in real estate… Read more »