A ‘plan’ to make Chicago’s ‘bad pension borrowing’ good? Greg Hinz is mighty confused – Quicktake

We'd be so much better off if political reporters stuck to politics, which most of them understand, and stayed away from fiscal policy, which they don't.
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5 years ago

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Rick
5 years ago

I think the dimishment clause in the constitution only applies to the payouts, not the funded ratio? There is no constitutional requirement to keep any pension at a particular healthy funding ratio. Just that they get their checks and increases. So just honor that, let the pension funds run out, then continue honoring the constitutionally required payouts on general revenue appropriated by simply stopping all services on anything else. Constitutionally there is no need to borrow 10b just to improve the ratio.

Rick
5 years ago
Reply to  Mark Glennon

By that logic… When the taxpayers in Harvey are tapped out and all home equity confiscated by property tax and short sales or foreclosure… the next step would be a court ordered bond offering, court forced borrowing? Or a court ordered reduction in Harvey’s payroll to make cash available for the pension, court forced firings? Or a court order to begin liquidating any remaining Harvey assets to raise cash? God forbid the court should ever consider ordering a bankruptcy! The court was foolish to further erode the towns and citizens meager equity. It should have simply ordered up a bankruptcy… Read more »

nixit
5 years ago

Forget pensions, let’s do something like POB’s for student debt. Once repayment kicks in on a graduate’s college loans, grant them a giant loan to invest it in the stock market, then they make the student loan payments with all those guaranteed stock gains plus money left over to pay the rent on their studio apt and morning lattes. Win-win.

The Nixit Principle will revolutionize personal finance.

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