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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 politicians sell out the taxpayer for the government worker vote. This is what has happened for years. As a result, the overly generous pensions are now causing taxes to double every five years. Government employees’ votes do not come cheap.
I can certainly agree with you there. I believe I read that the overall turnout was something to the effect of 32-33 percent of eligible voters. Assuming this is so there were plenty enough voters out there that could have overturned the votes of the City workers. By not voting these individuals effectively voted the way the City voters did. What has happened as fellow poster PPF would indicate that while what you point out is true the situation is the will of the people,,,if they didn’t like the situation they had the numbers to throw the election the other… Read more »