-- 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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Why bonds? Isn’t that a obligation? Why not an IPO for CPS! If CPS is so wonderful the smart money will…… why not get Lori and Obama to put the arm on everyone for a wonderful altruistic gesture to support Chicago Public Schools. Imagine all that money after Lori and Obama get their cut! Ha! There won’t be enough remaining to buy a tamale!