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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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He’s a tax and spend clown, its pretty hard to screw this “crisis” up, he’s just following the lead of other blue state governors. He hasn’t done anything out of the ordinary or revolutionary, other than keep the primaries going even though large gatherings were not recommended…
This is an appropriate place to remind our readers that we link to articles from all perspectives.
Bravo! That’s a good managerial posture as far as I’m concerned. Here is a piece called “Pension Puffery.” Let’s see how broad-minded Wirepoints readers really are, shall we? As the actor Daniel Day Lewis once said in a movie: “There will be blood”!
https://www.governing.com/columns/public-money/col-pension-puffery.html
I’ve read this article and will say that it is a good comprehensive coverage. I will also say that item number one of any government pension reform is elimination of ALL public sector unions. The root source cause of the government pensions mess is the corruption that is inevitible when public sector unions exist.
Bust the government unions to end the cycle of corruption and prevent it from re emerging. Period.
That 7-year old article is horribly outdated. Some of it is generally true and some not, some pertains to IL but some not. Not worth time looking at.