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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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When did taxpayers have the choice of not paying their property taxes? Within those taxes are pension payments and in many school districts pension pickups are in the contracts like here in Rockford. Seems to me 100% funding was paid by taxpayers and public workers thru out the years but 100% was NOT appropriated to the pension funds (Think salary increases-political pet projects and so on) Also tier 1 retirees could spike “whatever” prior to the 6% cap along with end of career promotions plus 3% compounding . Now taxpayers will be on the hook for mismanagement of funds. This… Read more »
Was their a point to this disjointed, bizarre, rambling piece? By the way, I was in Danville for a convention last week. It seems to be a center for the undesirables in that area of the state. Too bad as they has surprisingly good food.