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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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Ralph is getting bored.
Oh brother. Isn’t part of the American Dream not being obligated to work for the rest of our lives to support State Union Members? Working till age 75 so that State Employees can retire at age 48 sounds more like a nightmare than the American Dream.
Hahahaha that’s funny. A few years back I was in Minnesota and some jerk was using his sweet sweet power boat in an area of the lake that prohibited motors. When he came back in there was a CFD sticker on the back of the boat. He talked for a few seconds and I assumed, most likely correctly, that he was a retired CFD guy, in his mid-50’s, living the good life with his power boat all summer long in northern Minnesota. I turned to the guy next to me and told him about Chicago CFD pensions and how much… Read more »