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The school board votes down his payday loan for pension costs.
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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Poor Mayor BJ!!
A Bill Comes Due: Chicago’s Johnson And Teachers’ Union Lose Fight For Loan To Sustain Bloated Budget | ZeroHedge
Well, hopefully, this accelerates Chicago’s financial decline so the politicians are forced to fix the insane pension system and provide sustainable growth for the future.
Seems I recall comments from Johnson when first elected regarding changes he was implementing that went something like ” the voters voted for change and I am going to give it to them.” Well the voters, as well as the nonvoters, did as Johnson said, vote for this and it needs to be given to them hard and fast with the hope that this will finally make many up to the financial realities here. We can only hope…