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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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Unfortunately collapse is the only method that will bring back this state. There are just too many stakeholders in this state that are not amenable to change that the only method of reform Is failure.
As long as the democrat parties continue to pander to blm terrorists business is over. Lori must be removed by the Chicago business community but they are all too gutless because she is black and gay. It’s all over.
The solution is actually much simpler — stop electing Progressives and Democrats! That party is absolutely beholden to the public unions and will NEVER compromise on spending, because it means the end of their power. The unions have made it clear to these people that their positions come with a huge caveat — you must get with their program, or else. Rauner was the last prominent Republican to hold office here, and even if you disliked his style, he was right about every reform needed. The Democrats simply were obstinate, and no amount of “compromise” or “playing nice” would have… Read more »
Absolutely spot on. Illinois Democrats are completely dependent on Public Sector unions for their power. If IL Democrat politicians ever support the taxpayers over SEIU, AFSCME, CTU and IFT then it is game over for the politicians. They will fight for the Public Unions because every ounce of their power depends upon it.
Right sentiment, but any blue ribbon “committee” will be comprised of cronies that Madigan can control. It’s over. Leave.
I was going to say the same thing — I am far too jaded to believe the panel wouldn’t be on a secret payroll — he’s a bit too optimistic.
True.
I love the idea of the article. Mr. Koenig is spot on in his analysis. But the blue ribbon commission would be composed of the usual suspects.