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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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Who is underwriting the bonds?
Are they going to be rated B? Or C?
Democrat Death Spiral still happening.
This $830mil payday loan-bond that Chicago taxpayers are now stuck with simply replaces drianed TIF funds that would normally be used to pay for many of proposed “infrastructure” projects. But instead brando used TIF funds to pay off his buddies & zero cuts/ zero layoffs to all the ARPA-COVID spending blow out.
I recommend bond insurance for holders of this toilet paper. When the money runs out, bondholders will be holding the bag.
Will Moody’s even notice?
Will look like Detroit did not so long ago
One third of Chicago could care less, they are here for a job to get some credentials, find a mate and move on to somewhere else with no plans or care about what happens to Chicago’s future so they don’t vote. One third of the city works for a parasitical public sector union at the state, federal or municipal level so they dont care either as long as the democrats keep giving them goodies they will reliably keep voting for destruction as long as they get theirs. The last third is minority voters and subcultures like LGBTQ who are actively… Read more »
Spot on, IMO.
It will get worse until it is no longer manageable. Chicago is not yet insolvent, but they are working on it. The hammer will fall when investors will no longer buy their bonds. The leadership just doesn’t care because they need the public union’s political contributions to get elected. If you need a definition of stranglehold, this is it.
Love this! Simple and perfect.
The Chicago Rule of Thirds.
The future answer to “How did Chicago become a Third World city?
You forgot the one third who have already moved out of the state.
This is how Brandon plans to generate more revenue. He will add 50 more speed cameras.
https://www.yahoo.com/news/balance-mayor-brandon-johnson-2025-110000406.html
Nice work. Excellent idea – These people are just stupid and have no consequences to their irresponsible actions. They just don’t care. There is a sucker born every minute. Hey Chicago…I hear NY has a bridge for sale…
This borrowing lays bare the attitude of the Chicago political class: I’ll be dead by the time the bill comes due. What I personally believe is that they know when payments come due on this issue, Chicago will have long ago filed for bankruptcy.