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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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Where will the sales tax money go then? Probably towards the pensions. Someone needs to look into this. According to an article by Pensions&Investments.com The Pennsylvania’s treasurer’s office conducted an independent analysis of the states two pension systems management fees. Since inception $12 billion in private equity fees were charged much of which went unreported probably labeled “misc” How much do you think was and is spent in Illinois on fees? Before any new taxes are levied like maybe the “progressive” tax -increasing local property taxes-higher sales tax and online taxes most going to the pensions an independent audit should… Read more »