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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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What a name for these folks– “Peacemakers”. Some bureaucrat who obviously didn’t study his history book must be unaware that the Peacemaker is an 1870’s era Colt single action pistol, named for its use in eliminating bad guys all over the Wild West. And I can’t wait to see what metric the City will use to determine the success of this program. They obviously can’t use any traditional test like crime statistics, number of murders, shootings, rapes, etc. The new metric will have to be something like ‘ how many times did the perpetrator smile at the peacemaker’. Or ‘Did… Read more »