-- 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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And I doubt the news will be greeted with concern by the fat man. The news will be greeted with lies, denial, whining, blaming, retreating into a fantasy world, and binge eating- the way the fat man greets all news that doesn’t fit his narrative
What!?!? Gov Trillion Dollar GDP is light in the wallet, even with legal pot, casino gambling, the lottery, Amendment 1, and Senile Joe raining welfare on the COVID-plagued beggar state of Illinois?
Forward state income guesstimates by the Dems are going to implode and the states meager rainy day fund will be wiped out in half a day. PPF is going to be on here soon telling us that the Pols will have to raise taxes to cover the pension payments, which btw are going to have huge losses once they mark to market. The end of their ponzi is approaching and will not be pretty.