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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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“Mayor Brandon Johnson has created a task force to look for solutions to Chicago’s underfunded pensions …” Uh, reduce pensions/benefits or raise taxes. There, how much money did I just save Chicago by eliminating the need for this task force? Oh, and since the task force will include public union members, it doesn’t need to look into reducing pensions/benefits.
“Uh, reduce pensions/benefits or raise taxes.”
Uh, you can’t reduce pensions/benefits for existing employees. Raise taxes it is.
Never say never.
I didn’t.