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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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Mark – With WRA passing, won’t police unions across the state be able to bargain against some of the things in the SAFE T Act that relate directly to labor? Constitutional amendment supersedes state law.
Assuming this is possible, I could see a lot of these downstate AG and sheriff offices who came out against the Act bargaining favorably with officers. Theoretically, that would leave a patchwork law with different applications across the state.