-- 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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Who in their right mind would consider purchasing Chicago bonds?
I mean, really?!?!?
Just remember when it comes to Chicago borrowing it is often for feel good spending programs for the Illinois free Stuff Army and you the taxpayer are on the hook for the bills despite not being able to vote one way or another on the programs. Illinois getting higher bond ratings just makes the States bad situations worse and as usual the taxpayers, once again, are on the hook.
I’ll pass on Chicago bonds.
I assume none of these bonds are “scoop & toss” if they issued at 5.5% return? But what is “refunding bonds”? What is city “refunding”?—- “city sold $513.5 million in refunding bonds for Midway International Airport”
Shush. Let them proceed.