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.
Yeah, sure, and I’ve got a unicorn for sale. Power grabbers in every unit of state, county and municipal governments. Why? Power, the ability to hire and fire, let contracts, and lastly just to mess with people just because of their position and they have to satisfy the ego. Illinois has something like 800 or 900 school districts, Florida has less than a hundred. Superintendents, staffers and privilege go with the job. Anybody going to give that up? Not a chance.
Spot on