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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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Here is another real problem that public officials don’t want to admit. Employers several years ago learned to avoid bad press by no longer issuing press releases when they were cutting jobs, scratching a city off their site selection lists, or moving people out of town. So we simply don’t hear about it as much when crime or taxes or ridiculous mask mandates result in employers not picking a city. Look at Boeing, Caterpillar, and so many other employers who have simply downsized in Illinois without making a lot of fanfare about it. Those are the stories we never hear… Read more »
A bleed-out, which is ongoing. Slowly but surely.
Wait, you mean smart hardworking people don’t want to be used for target practice? I thought Jabba claimed Illinois was a destination point for all smart techies. Maybe the King should stop all the social justice warrior BS and do his job.
Really!! Really, it’s a good job, the downside is; you’ll be brutally murdered by an angry mob your first day! Then, you and your family will be blamed.
Haha.