-- 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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Daaah…in simple consumer parlance, it’s called a balloon loan. You pay a small interest payment for a few years and then you pay off the balance of the loan in one BIG balloon payment…or you do the same thing again thru a refinance plan pushing the payment due date to when you are out of office. Either way, the taxpayer is stuck with the bill.
Someone needs to explain the concept of the use of a credit card to this pin-head. What part of living within your means do you not understand? Apparently all of it. The City and State have plenty of revenue, they of course have a spending problem. Someone needs to cut up the credit card.
He knows, he doesn’t care. He knows he has 2 years max to direct funds to his crowd before he’s voted out.