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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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“…a transit policy presentation by Chicago Transit Authority officials acknowledged the need for a coordinated regional transportation system. But the presentation “really didn’t have any specifics” Howard Cure, partner and director of municipal bond research at Evercore Wealth Management, summed the obfuscation quite clearly. It is refreshing that he didn’t appear to buy this fraud of an argument. He questioned how the CTA will be able to function, given the loss of ridership. Mr. Cure can only plaster over the cracks in Chiago’s finances so much. He can’t deal in platitudes, or his reputation would go the way of the… Read more »
Who’da thunk? ah lot of talk about new “equitable revenue streams” to assure potential bond buyers by city big wigs:
And ZERO talk about cuts as usual