-- 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 Nobel prize winning economist has said Chicago needs to declare bankruptcy immediately they are just digging deeper but of course BJ knows better.
Do NOT think the Federal Government will help at all.
US federal budget crosses grim milestone as interest payments overtake defense spending (yahoo.com)
Bankruptcy is the only answer now.
Don’t be so sure of that. It doesn’t seem that republicans or democrats take the huge budget deficits this administration and the previous administration ran up too seriously. The federal government already has a program to support failing private pension plans (Pension Benefit Guaranty Corporation), why not do one for public pension plans
What ever Zippy ‘s people are smoking get me some. That review is filled with what the old saying is, if you can’t explain it with
Knowledge, baffle them with BS.