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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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My guess he will sign it assuring himself of the assorted unionized public employees next election time…it’s the Illinois way.
What is this ludicrous 90% funded ratio? Try telling Maria Pappas you’re only going to pay 90% of your property tax bill and see what happens.
Fait accompli
Fat hand is always out for others money.
If a man owes you money and can’t pay, does it matter if he says he wants to give you a little more?
It’s as good as signed