-- 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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Illinois taxpayers need sound, ethical, financial stewardship at the municipal, county, and state levels. You would think such stewardship would be a requirement, but, apparently, it’s not.
Why not borrow from CTU?
CPS is taking a ‘payday loan’ What assets does CPS have for collateral? The same property owners who have been repeatedly abused.
More Generational theft.
Good Lord. Cook County taxes property owners to death. The public schools fritter away billions of dollars of taxpayers’ money. Then the total incompetents at the district can’t plan the cash flow properly, and the fools at the County can’t even collect the rake on time. These Democrats are simply not capable of running a basic municipal operation with any level of professionalism.
Ugh, and I just posted a comment on how aggravating it is to continually read articles on Chicago, Cook County, and Illinois mismanaging taxpayer money. It happens so frequently, it’s hard to stay current. And many times, we’re talking about large sums of money.
Yep, that’s $1,000,000,000.00. And that’s just for this year. They have no intention to ever pay it back – they’ll just throw up their hands and say the federal government will have to cover it.