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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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“Annie McGowen, research director with the…(Day Drinkers of the) Civic Federation, said the consolidation proposal makes sense. “This legislation would address the inefficiencies, governance issues and the lack of accountability and coordination that have plagued the agencies for decades,” said McGowen.” Exactly how, Ann? Spell it out. You didn’t in your testimony. I heard plenty of MBA-level marketing words and nebulous ‘re-imagineering’ of the political animal-infested transit agencies. Your solution is to add more political animals to mismanage this mess. Nothing you or your NGO suggested will make a difference at the RTA and its operating entities. This so-called consolidation changes… Read more »