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A national reprint of our Wirepoints report.
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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And again nobody gives a rat ass
There are people who do, but they aren’t politicians.
The whole situation is unfair to both the pensioners and the taxpayers.
When funding obligations are ignored, this is the inevitable outcome.
Amazing the ignorance of the political class. By the way, the same class who make the pension promises.
Bah!