-- Connecting the dots between our economy, government and business --
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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Unfortunately bailouts may happen if our current president is not reelected. Mismanagement and misappropriations of public funds in Illinois is not a crime but is considered a badge of honer (more like dishonor) among pols. In the 2008 mortgage crisis lending companies added 0’s to monthly income without proof on income so that people could qualify. Nothing much happened to them. Programs like HARP and others were instituted so people who were totally irresponsible with finances were getting bailed out. In some of the programs people were getting $50K or more who were underwater with their mortgages and those who… Read more »