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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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Forrest Claypool is among the less than one percent of pensioners willing to admit publicly that pensions are too high, so we should applaud him for that. However, in reading his bio, he now has some high level positions in the private sector, so his pension isn’t as important to him as other pensioners. I doubt he would be outspoken against huge pensions if he were still a bureaucrat.
What’s Claypool’s public pension for increasing costs for CTA & Park District when he was in charge& & awarding inside vendors contracts to Daley’s pals?
Here is a good article on pensions in the country and Illinois /Chicago.
https://www.naturalnews.com/2024-12-05-us-pension-systems-verge-of-debt-collapse.html
https://equable.org/pension-debt-paralysis-persists/
There is a trifecta of world class responsibility here. In addition to the ridiculous and unaffordable benefits, the pension funds have indeed been inadequately funded and poorly managed.
First line should read irresponsibility.
A very succinct and to the point 100% dead on balls accurate editorial written by that conservative Forrest Claypool…wait…he’s a democrat. Hmmm, would love to see what the carnival barkers Ralph Martire and JB the Hutt have to say about this!
Exactly, dem machine may have a tough go when increasing #s of their own party are admitting the pension math is impossible. And certainly inequitable.
So he can increase his charitable contributions and gather philanthropic accolades! Sic semper hypocrites. Hollywood beckons.