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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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If news people in Chicago or Illinois had half a brain this might be news.
Illinois is not failing. It has FAILED long ago.
The greed of the cops, teachers and firemen is unheard of in modern history.
Why do you think there is a mass exodus from Illinois.
Lots of tax money going to sunny Florida. Just like lots of rich pensioners going to Florida.
If you feel like you are being screw, it is because you are.
Nice article, and all well said. I remember when you used to be able to comment on Crain’s articles, and then they took the commenting feature away. I spoke to one of their editors about it (managing?) and she indicated that moderating the content of the comments was becoming a burden bigger than the benefit. I thought that was a big loss for Crain’s because their writers did a good job of interacting with intelligent comments. I am guessing that they worry about liability? Allowing commenting seems like such a big plus for local publications, and as a reader, I… Read more »