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.
You’d think crap like this would convince the firefighters that their interests are best served by having their retirement funds in an IRA/401k in their name that greedy politicians can’t loot. Where is the union? The firefighters are paying dues to the union to represent them and look out for their interests, what are the firefighters getting in return for their dues?