-- 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 when interest rates come down, those pension liabilities will be even higher.
The Number is so high it will never be paid. Face the facts the Chitty will go bankrupt one day.
Nothing to worry about. The new casino will bring home any shortfall.
I thought this was the budget that the Civic Committee and several local news outlets thought was a great step forward for the new mayor on fiscal matters. I guess they don’t know that long term liabilities are an important part of a balance sheet.