-- 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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Wow……frighteningly, fiscally irresponsible. Notice that debt service is 3.4B/year and is exactly 1/2 the desired annual pension contributions of 6.8BB (550M/month they’ll soon be skipping). The debt service seems to be staggering — paying for past spending that was borrowed. You’d think the Democrats would have a way to reduce spending/payroll……EVER ! But they don’t…….just look at the federal govt Obama and Harry Reid still getting their way with almost $4T federal spending on “auto-pilot”, continuing resolutions…….because Boehner and McConnell are afraid to man-up and refuse to raise the debt ceiling until Prez agrees to some fiscal sanity. So in… Read more »