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.
If the federal revenue didn’t make much difference, why did the states need it?
Pritzker math 3+3 = 9
Illinois does not have the change of a nickel. Pension costs are increasing at a increasing rate. This is unsustainable, must be changed ASAP or bankruptcy is inevitable.
FYI: States cannot declare bankruptcy, cities and towns may.