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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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I thought they have in Illinois
This seems to make the concept of “rule of law” highly whimsical. Statutory law can be altered by subsequent legislatures. Judge-made law can be overruled by subsequently-elected judges. But once you manage to get it into the constitution, it takes on the character of perma-frost where only a fundamental change in the cosmos can fix it. All the consulting and law-reform efforts of the USA and other nations are rendered illusory and toothless. Perhaps this was always the case, and we are just beginning to realize it. See http://documents.nycbar.org/files/Haiti-The-Rule-of-Law-in-Peril-.pdf 2022 minus 1789 = 233. It was a pretty good run,… Read more »
Assuming a fair and honest election, I think this amendment won’t pass. The upcoming red wave is too strong to pass even an amendment like this. Unions in IL are not viewed favorably, unless of course, you are in the union. The residents of the state are going to vote no overwhelming for this.
I won’t bet against you and hope you are clairvoyant. At least it’s on the November ballot.
The teachers union’s masking of children in schools really disgusts a lot of independent voters. That negative feeling will translate into a no vote at the ballot box.