-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Any collateral for this loan? Any interest? Will City enforce when default occurs? Who decided to forego liquidity sufficient to pay benefits? How secure are retiree pensions anyway? Serious fiduciary breaches that warrant personal liability … Collect on the fiduciary liability insurance as the court removes these fiduciaries!
The “pearl omen” of bad things are coming.
Paywall