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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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With Illinois already unable to pay its bills due to excessive spending, it’s interesting that Davey here comments on two additional sleighs full of freebies. One sleigh, the executive-director-caused disaster that is the RTA and its operating arms. The other, a purely elective sleigh full of toys for the takers. “The RTA may cease to exist. Yet the lead proposal for its replacement — a new organization, the Metropolitan Mobility Authority, with powers to unify fares, coordinate schedules, set performance requirements for the CTA, Metra and Pace, and more — won’t quite happen either,…” Surprised? Davey certainly seems to be.… Read more »
It’s only JBs national ambitions that stand in way of are public sector blood sucking heroes walking away with every last dime of comatose taxpayers $……what will he do? what will he do?