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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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Once again we see that the Illinois Court’s will not allow any type of change to the pension system that has created these situations. We can logically assume that will be the indicative of any attempts to make changes through the court system. Rationally one might think that the political system would introduce changes in benefit’s to all future hires but based upon the last election results that does not seem forthcoming either. Illinois has become a sinking ship with Madigan at the helm who, we can assume, will die in office before the final inevitable happens. I have to… Read more »
Once again we see that the Illinois Court’s will not allow any type of change to the pension system that has created these situations. We can logically assume that will be the indicative of any attempts to make changes through the court system. Rationally one might think that the political system would introduce changes in benefit’s to all future hires but based upon the last election results that does not seem forthcoming either. Illinois has become a sinking ship with Madigan at the helm who, we can assume, will die in office before the final inevitable happens. I have to… Read more »
“We are pleased the court agreed that the government may not unilaterally wipe out a lawfully obtained state pension,” Maybe at the time “lawfully” but certainly not MORALLY!