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.
It takes time to skim off the top and direct the rest to where politicians want it to go.
Then the pols skim off a little more via fees.
Then the attorneys skim some more via fees.
Then the distribution of funds via fees.
Then finally the recipients will get about $1.63 each.