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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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If term limits were enacted let’s say 2. What would keep the politicians during the end of there second term to promise the moon to anyone or anybody that wants something. How about 2 terms and skip a term. If the politician wants to run again they could run on their record. If they promised the moon they would have little chance or if they were good stewards of public money they would have a better chance of re-election. I also believe that geographical not political boundaries should be drawn this way we the voters could pick politicians not them… Read more »
Ted’s response was very disappointing. He failed to address the root cause of overpromised pensions — CORRUPTION! Unless and until we get rid of our corrupt politicians, they will continue to overpromise. I’m waiting for Ted to push term limits, changes in House and Senate rules, and voter accountability.
Thanks for your comment Sarah. We actually talk about politicians and how they created the crisis in our recent piece: Illinois’ pension crisis: Incompetence or malice?
Read it here: https://wirepoints.org/illinois-pension-crisis-incompetence-or-malice-wirepoints-original/
The problem is not corrution per se, but it is the fact state politicians decision making is always guided by what’s going to help or hurt their reelection chances. Their decision making is not guided by what’s best for their constituents, it’s guided by what will help them get another term in office. If we had term limits, and an elected official knew no matter how (s)he voted it wouldn’t hurt their chances of being reelected because they could not run again, the state would not be in this position. Don’t worry about making unions mad, because if you can’t… Read more »