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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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They will have to tax retirement income, maybe try to claw back some of that pension outflow?
This is a great idea. Could it be done by statute (no constitutional amendment) and perhaps be graduated in a way that hits the pension millionaires HARD? Example: only tax social security, pension benefits and 401(k) withdrawals above $X per year? Of course there’ll be opposition and old people DO vote.
I’m waiting for Pasta Boy to tell us – with a straight face- that his spending doesn’t cost money, it saves money