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“I would expect more and more of this because of pension obligations,” said Sheila Weinberg, founder and CEO of Truth in Accounting. “Municipalities are relying more and more on property taxes to cover losses elsewhere.”
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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Prices go up and things cost more. If you get behind on your debts it will also cost more. Pay more now or pay even more later.
I made a comment on an article a few articles below this one on powerful school unions. Would like your thoughts on that. Thanks!