-- 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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Buried between all the lines of a lot of big words, mumbo jumbo and the language of financial “experts” at city hall, the rating agencies and the investment houses. Is a simple fact, paying off debt with more debt is like standing in a hole and digging. The rating agencies will reward the city every time the taxpayers get screwed over with another tax. All parties are aligned to destroy the taxpayer. This literally is a high tech ponzi made legal simply because it’s being run by the government and their cozy relationship with raters and market makers. If anyone… Read more »
With the economy rolling alone like a freight train going downhill, how do you have a rate of return of -6.3%? Only the city of Chicago could manage such a feat.
I prefer my investment portfolio to be pure woke. It’s better to make socially conscious investments and lose money, rather than invest in ‘destructive’ industries and make money.