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.
In other words, IDOT knows revenues will be down but decided to make no cuts because they don’t how bad their revenues will be. Wow. Stunning stupidity. How about a 5% cut for now? This reminds me of the time I was driving in snow and I saw that the car in front of me stopped. I didn’t know how much sooner I would need to apply the brakes to stop in the snow so I didn’t even bother to apply the brakes at all