-- 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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Heads I win, Tails you loose. Sounds like a Trump game.
Run for your economic life. Kiss Illinois Good Bye while you can still get out with the shirt on your back.
Who wants to bet that Moody’s and the rest of the rating companies will not rank them as “junk” even though they are junk?
Liquidate and borrow whatever you can and bet it all on 32 red. (If you loose, blame the closest white guy.)
There’s no gamble at all. This is risk free. If the plan works then the unions get a pile of money. If it doesn’t work then the taxpayers get higher taxes and the unions still get a pile of money
Spot on.
Yes. Absolutely right. Chicago bankruptcy now is the only option. Never in any of Chicago’s financial plans is the taxpayer ever protected.