-- 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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Dim? That means there is some kind of light.
Chicago bonds should have a skull and cross bones.
Chicago is DARK, no hope what so ever.
Wait– how can there be a problem? Lori told us over and over again the budget was in good shape since no single revenue line item was over 13% of the total. She assured us for months everything was fine which is why she never made any union payroll cuts. And she still hasn’t.
And just think what Moody’s would be saying if they were not being paid by the City.