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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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Interesting article by a clueless writer (don’t know how she got her ideas). I just sent her this: Hello Charlotte: Just read your article on wirepoints.com . There’s zero chance that most of the plans sponsored by the state of Illinois and, the city of Chicago and its 5 db pension plans, and hundreds of other govt entity plans in the state, will be improved in any manner whatsoever, by the Janus decision. As is also true with California, long ago the govt ees’ unions enshrined the pension formulas as unchangeable for employees once they’re hired. This is a large… Read more »