-- 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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Vote no on any bond referendum that does not present the complete bond service debt schedule (annual principal, estimated interest, and estimated total payments for the life of the bonds).
Vote no on any bond referendum that does not present the estimated annual property tax payments for a property taxpayer the life of the bonds.
Vote no on any bond referendum which does not present the estimated costs to issue the bonds (bond counsel, underwriter, financial advisor, etc.).
A state law should be passed requiring the above disclosures for any bond referendum and non referendum bonds.