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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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Looks like they have audit scheduled to come out after election.. who would have thunk!!!!
Kind of crazy, in my opinion, that Burke alone controlled a $100,000,000 a year city workers compensation program, with zero – absolutely zero oversight – that no one else anywhere in government even had the right to look at. This doesn’t exist anywhere else in state or local government. Absolutely insane. It’s inviting corruption.
Right. It’s inexcusable. We’ve long written about that. I’d like to get just the number of workers comp cases granted and pending. Rumor has long been it’s something like 1/8 of the workforce.