-- 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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This is not a road, but an express lane to bankruptcy.
Destine to fail. The Federal government will NOT BAIL them OUT. The largest Ponzi scheme in history.
Illinois can just raise taxes. With the SALT deduction changes there is some extra money coming back to Illinois residents. Now’s a good time for the state to grab some of that money. No reason to let that slip through the states fingers.
Probably wait until the impending shut-down is resolved. Getting rid of public unions and democrat politicians may take a little longer. Likewise the inevitable bankruptcy. Not to mention that pouring more money into CPS and CTU is fundamentally insane.
Nobody is getting rid of public unions or democrat politicians. Keep dreaming.
You are mostly likely correct. The only way out is to get out of this nut house state. Let PPF be eaten alive by more and more taxes. Can you see my 1 finger salute?