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.
“it”s almost like it is too late?” Wow! That helps explain why Illinois is in such a mess. It was too late 15 years ago when they actually could have addressed the problems. No tax money? Cut away at the benefits! Feel the pain like the rest of the “little people” in the state had to do long ago.
Bankruptcy now enough of this crap the problem cannot be fixed, even a 5th grader can understand the mathematics.