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The Civic Committee of the Commercial Club of Chicago said in a statement that its opposition to the proposal is “based on the state’s decades-long history of fiscal mismanagement....The result will be further loss of jobs and people, long-term cuts in critical social services, a shrinking tax base burdened with growing debt and a guarantee that Illinois will continue to have the worst credit rating of any state in the country."
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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