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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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Madigan isn’t as smart as he thinks he is. The article insinuates that Madigan tried to help out his former employee/enforcer/”lieutenant” financially after being fired. He – or someone in his circle – appears to have directed his lobbyist buddies for major utilities to send Quinn small checks for phantom consulting work. The unspoken implication of course is that the lobbyists really felt they couldn’t say “No.” This Kevin Quinn guy is the brother of the alderman in Madigan’s district, but, the checks were coming from lobbyists associated with Madigan. It’s not clear who directed these payments and maybe Madigan… Read more »