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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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Why should they? The Chitty is going bankrupt, no other choice.
Chicago needs a bankruptcy — wide out all pension obligations and start over
“Nine Chicago mayoral candidates; not one talking about financial reforms” – Crain’s
Well, if course they aren’t.
“Financial reforms” come down to some combination of two things – less spending and/or more taxes.
You can’t buy woke/progressive-n-Dem votes in Chicago by campaigning on a platform of spending less on “services,” and everyone in Chicago thinks that someone else’s taxes should go up to pay for it all – or pretend to.
I think granting a few hundred million dollars in reparations will solve all of the city’s problems. Get to it!
The Chitty of Chicago is doomed by itself. Soon to be a ghost town where only criminals will roam.
Financial reform is a third rail for IL and Chicago pols.
The only financial reform to these people is higher taxes
News flash!!—Crains actually published an article by conservative IPI!! , readership must be sinking as everybody’s so sick of all the woke/equity bs
Actually, I think they have gotten much better lately about carrying a diversity of guest opinions. Their own editorials may be left, but that’s OK as long as they keep balance elsewhere.