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.
Don’t forget, on top of Illinois CARES ACT fed funding and only state to borrow under fed MLF program, back in may Illinois was approved for highest in nation–$11 billion fed line of credit for unemployment claims because its unemployment fund was woefully underfunded (which will all have to be paid back). Illinois just got thru paying back fed loans for unemployment from 2009…does anybody in state gov care? https://www.politico.com/states/california/story/2020/05/05/9-states-seek-36b-in-federal-advances-for-unemployment-claims-1282530
The volume is so great and the employees are so lazy that Big Government can’t function, as usual