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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 comes first? Charging an item on a credit card, or making the credit card payment? The answer is obvious. But somehow the same conclusion is not routinely considered (Wirepoints being an exception) when analyzing Illinois pensions. Instead, the focus is on the lack of proper payment. Consider the Who’s to Blame – charge or payment concept when reading the following statement from the, “Who’s to Blame” article. The following statement is found above the first graph in the article. “Pension Problems. The biggest reason Illinois’ pensions are in bad shape is that its lawmakers for decades did not make… Read more »
To me this seems like a hoax opinion article, He wants to tell us that two governors ruined Illinois, just Ryan and Rauner. Madigan is not a cause according to this article. Doesn’t pass the smell test, but boy it smells.