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.
What about this for a headline-
Pensions are in a better shape but taxpayers wallets are anorexic.
Really irresponsible of the Tribune to publish this AP article the way it did, making it look like the report says something positive about IL.
<Investment riding a bubble> reaches best shape since <last bubble>
HAHAHAHAHAHAHAHAHAHAHAHAHAHA Is this the Onion?!?!?!!?!? Here’s a few alternate headlines:
“Illinois now only owes $325B”
“Illinois now owes less than New Jersey, per taxpayer”
“At this rate, Illinois will now fully fund pensions by your great great great grandchild’s 10th birthday”
“After claiming victory over unfunded pensions, Gov Pritzker claims both mansions uninhabitable”