-- 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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No, thank you.
Don’t know who/what entities will purchase ANY Chicago or Illinois bonds.
So they spent the TIF money. and now look to find another piggy bank to rob to pay for the goodies in lives. Probably no one ever mentioned that loans have to be paid back though but in the true Illinois thought process those loans are for someone else to pay back. After all, in Illinois, everything is free isn’t it?