-- 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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If Illinois moves any more in reverse we will all be in 40 ft of water in Lake Michigan.
Thanks to Jay Robert and Zippy for the bath
SOON ILLINOIS WILL SEE TOWNS AN CITIES FILE FOR BANKRUPTCY GOVERNOR TUBBY DOSNT CARE HE WANTS TO BE PRESIDENT
Municipalities need consent of the State to file for bankruptcy. I don’t see the politicians who run the State permitting that to happen. So you will see lots of bills not getting paid and lots of misery, but not a formal bankruptcy proceeding. The real issue is quality of life.