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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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“Why does it seem like federal authorities are the only law enforcement officials who care about corruption in Illinois?”
Well, because it’s true, that’s why. Turning a blind eye to fraud and waste so that you’ve got money to dole out for patronage and votes is how Illinois “works.”
Yup, you got that right.
Tom Devore is going to be all over this kind of stuff