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.
Nothing like “negotiations” between non-adverse parties who can reach an agreement that becomes a “contract right” providing greater benefit than an act of the legislature. Statutes can be repealed or amended and create no enforceable expectations for the future. CBAs take on attributes of the Magna Carta and burden the sovereign people forever. It’s an infield grounder to the executive, tossed to the legislature to find the money and then rubber stamped by the court at short-stop if he gets his hands on it. And apparently it goes on forever so you don’t miss much if you arrive late. Taxpayers… Read more »
This should tell every signal voter in Chicago and the state of Illinois that the mayor and governor are incompetent. This article is a total admittance of her/his incompetence, people in Illinois wake up and smell the coffee and vote these people out of office. Don’t be like them and hope for the feds to come along to handle things we will all be long gone before this corruption ever ends in the city and state.what a group of worthless politicians from both parties waiting for Washington to come to the rescue, you total worthless individuals, free money off the… Read more »
Chicago is becoming increasingly irrelevant as technology marches forward. People with valuable skills do not have to live in Chicago in order to work. Government employment is not a sustainable industry as much as the mob government in Chicago would like people to believe. Even if there was a bailout, it would not last long, the city would need regular bailouts in order to continue to exist as it is.
Lightfoot needs to get President Trumps name out of her idiotic mouth! No bailouts!