-- 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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“The state has also expanded the state treasurer’s authority to lend up to $2 billion to the comptroller to pay bills…”
It’s as if Illinois’ political animals never had a credit card. That ‘loan balance’ will carry over into next year. How and when do those ‘loans’ get paid back? Do JB the Hutt and the political animals just swipe the card again for next year’s bills while making the minimum payment of the ‘loans’?
This will not end well for Illinois taxpayers.