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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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That’s a really great video, but why isn’t the Governor talking about the points raised in it when students are protesting the state budget and lack of funding? Cut the President’s salary in half and you could give a couple of 4 year scholarships with the savings.
This state needs fact based discussions – great post. Somebody should post this video on the Capitolfax blog. They had a number of discussions this week about talking about fully funding the poor universities. Most participants on that blog are D’s, and very fact challenged.