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Unions tried this gambit in Michigan in 2012 and lost 57% to 42%. But if Amendment 1 succeeds in Illinois, expect to see it on the ballot in many states—especially California, Washington, Oregon and New York.
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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For Illinois public unions its never enough. The non-public union taxpayers are gonna fight back. Outrageous.
SCREW the UNIONS.