-- 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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A fantastic must read for all by Mrs Weinberg!!. Why isn’t the difference between full-accrual accounting and the scam of gov cash accounting being taught in a mandatory hs fiance class? Oh sorry, dummy me keep-um down on the farm Illinois has no mandatory hs finance class as so many other states do. Or why isn’t a republican candidate at least making full-accrual accounting a campaign issue? But I also assume all other states and us gov are using the same fake “modified accrual accounting” or cash accounting to hood-wink its citizenry. It’s also my understanding that other countries– like… Read more »
When I studied government accounting I was appalled at the rigged system.
Companies are required to HONESTLY report their finances; government are not.