-- 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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$1 billion dollar hole. Make some hard cuts because taxing the life out of your citizens is not the answer.
There is no way Brando has the brainpower to handle the city’s financial crisis.
When were these sold? Last ones I see on MuniOS were 6/27.
This is about how bonds are trading in the secondary market, not new issues. But the change does indicated that the city would pay a similar penalty for a new issue.
The City of Chicago bonds are nothing more than a Ponzi scheme.
How about closing his “committees” which employ all his friends.? Fire his wife. What does she do that warrants a salary? That would save a bundle of money.