-- 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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Completely sickening….list of astronomical failings. But also left out from Marys list,– Illinois has been approved for highest in nation–$10 +billion, if needed , federal loan $ for unemployment compinsation. Which if used would all have to be paid back. Illinois is still paying back federal loan $ for unemployment from 2008…..all jb & the gang can possibly hope for at this point is not only hope dems take presidency but also senate in november..beyond that its go for broke/ mmt theory debt don’t matter drive us off a cliff
When Dante wrote “The 9 circles of Hell” he was probably thinking about Illinois. They are Limbo (taxpayers state of mind and wallets)-Lust-Gluttony-Greed (you know who)- Anger(definitely taxpayers)-Heresy-Violence (most of Chicago)-Fraud (you know who again)-and Treachery.
I started crying when I read this article.