-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Yeah but Chicago can (and will) declare bankruptcy. At least that what the Nobel Prize in economic winner says. No way out, so digging, for bankruptcy.
Crains is reporting investor conference is going to be blocked to press, very weird (https://www.chicagobusiness.com/politics/chicagos-annual-investor-conference-closed-media)
That’s in the article and the excerpt above.
“It may be productive in helping investors who prefer not to air their questions in the presence of the press…” It might be of more help to the inept Mayor Cliff Notes’ administration who would (and should) be raked over the coals by bondholders for its complete mismanagement of the City of Chicago. Not having the press to report on the proceedings is an extremely bad look for Mayor Notes and his financiers, who have much to answer for.. The article mentions “Sales Tax Securitization Corp. bonds” and the AAA rating that Fitch gave to them last November. Kids, these… Read more »