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.
I don’t like where the discipline is handed down by the very agency doing the licensing. It should be handled by the courts and this guy should be behind bars. This whole mess in Illinois is due to totally bogus actuarial work for the past 30 years. Its because of bought and paid for scum bags like this that the state is emptying out.
Exactly right.