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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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Mark – Here’s another example of CTBA blending cash basis accounting with accrual basis accounting to fit a narrative. They claim the state only “spent” (cash basis) $Y on higher ed in 2000, but that $Y didn’t include the full ARC payment for SURS. Fast forward to 2022, when the state is now paying that $Y in the form of pension debt, they do not include it in what the state actually spent on higher ed. If they don’t account for that higher ed pension cost in 2000 when it’s accrued, then don’t account for that pension cost in 2022… Read more »
Sell more pot to the students, higher education.
Why do they call it “High School”?
It is where the kids learn to get high.