-- 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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To repeat myself … the faster the decline, the sooner the bankruptcy. At some point the State will have to authorize Chapter 9 or the State itself will need a Puerto Rico reorg.
He signed that bill to stick it to Pinhead. And the rest of Chicago
Payback is a Bitch for the taxpayers.
It’s what Chicago and Illinois voted for. Your neighboring states thank you. You are the gift that just keeps on giving.
U Haul loves JB!