-- 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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WGN says the City will “refinance debt at a lower rate” but gives little detail. I am surprised that with its poor credit rating and recent increases in interest rates that the City can get a lower rate.Does anyone here know specifics?
If the mayor can fill a billion dollar hole by refinancing one and a half dollars in existing
debt, he is a wizard, we should have him working on the national debt. Does anybody
do math anymore? or did they learn math in CPS schools?
Hey, paying off one credit card with another is always a good idea. It always works well. Does anyone need enlightening as to this kind of economic genius?
“This budget and the challenges that we are experiencing, all of our advocates are fully aware of how previous administrations have run the finances into the ground,” he said. “Now, we’re at a point now where the revenue and our expenses are not evenly matched, bare minimally. …” Regime typists Tahman Bradley, Ethan Illers, and Dana Rebik are new to the whole ‘hey, the political animals have financially run Illinois into the ground’ thing. Pity they weren’t able to shout this from their once-lofty posts at WGN while the taxpayers’ credit card was swiped again and again since Hizonner’s mayoralty. Where were… Read more »
Here’s a story on Brandon’s wife and her $80K office renovation.
https://www.yahoo.com/finance/news/chicago-spent-80k-renovate-office-120900637.html
Just in the past few days here at Wirepoints I have learned that Johnson has at his disposal a Community Development Fund that may have a high enough balance to bail out the school district and he also has a burgeoning TIF fund sitting there unused perhaps earmarked for future vote buying programs. Now we hear, as always, the City needs more money yet the City has the money. Johnson needs to quit playing games, use the funds that are available to pay the bills and yes cuts should be made as well.
Hmm, sounds like can kicking to me. Someone ought to be in soccer.