-- 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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The real headline: Chicago lures retail, ESG buyers, idiots to its first social bond deal – The Bond Buyer
I’m betten ctu, seiu and all the other city, cc, state pension funds where first in line to loaded up on chitty esg bonds😖😖?
They’d better be careful. When NYC went bankrupt in the 70s, NYC public employee pension funds were invested in NYC municipal bonds!
New York City never went bankrupt. NYC public employee pension funds were asked to invest in muni bonds until the Federal government stepped in and loaned the city 2.3 billion. The public pensioners saved the city from bankruptcy. Massive cuts to services were made along with large tax increases. A short time later the city was able to borrow from the market and the feds were paid back. Keep in mind that even with all of the cities troubles, NYC pensioners continued to be paid in full. If capital markets dry up for Chicago, I would imagine pensioners will be… Read more »
Taxpayers of Taxistan, vote with your feet and leave this high tax corrupt high financially insolvent state. I’ve saved over $150,000 since I left over 20 years ago!!