-- 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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Even a rudimentary review of “special event” revenues and hotel tax revenues in the past makes it clear the collections from those sources will never get anywhere near what these amateur public officials are hoping for. That budget will blow up six months into the fiscal year, if not sooner.
These clowns might as well be shilling for “Sunny and Carefree Beach Holidays in the Paradise of Gaza”, lol…
Keep betting, guess what you come out a loser.