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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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A status quo budget in a time when a million residents are unemployed, the state is broke, and they’re worried about laying off teachers who are working from home. And then they throw the ‘first responder’ thing in there. What about cutting grants? My park district got a big grant to tear down a perfectly good pavilion in a park to replace it with….a brand new pavilion that looks just like the old one. How many hundreds of thousands of dollars of union labor did it take to build that? This is going to blow up. Some here think that… Read more »