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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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The tone of this article, in regard to Illinois, is interesting. it is one of despair, there is no need to read between the lines, the tone says it all. Illinois is beyond the point of correction. I note how it states: If Rauner wins, he can try to use his leverage “he can try” being the key. Even with the union dues decision, IL is doomed due to strong union control forming a giant voting block. And the Rosetta stone of liberal dominance in IL is the socialist, subvert to authoritarian rule schools that turn out generation after generation… Read more »
The editorials at News-Gazette are really good. Whoever wrote this had a solid understanding of what those other states have done and how the US Sup. Ct punted on the issue. Jim Dey, a reporter, there, is also excellent.