-- 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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If you look at City of Chicago bond reports you’ll see they already have 26.7 billion dollars in long term debt from G.O. bond sales, so what’s a little more? Heavens, they just sold 666 million worth of bonds back in December and now they’re at it again? Does spending money the city doesn’t have ever end?
I heard there are free Teslas for everyone!
Just like we had War Bonds during WWII, somebody needs to come up with a name for these bonds. Wokey Bucks, LibLoot, LoriCoins or something. Work on it, people.
JB Junk Bonds, call ‘em JBs, or Jay Bobs. And make them 100 year bonds as that is the projected state recovery period.
Or maybe Serf Bonds or Indentured Servant Binds, in honor of the Illinois citizens paying them off.
Haircut Bonds. That’s what you’ll get if you buy these bonds.
B.S. Bonds which they are full of.
https://www.institutionalinvestor.com/article/b1hm5ghqtxj9s7/Where-ESG-Fails
Punch it Chicago, take it to 11.
Anything, as long as it brings the end faster.
Poor, dumb Chicago taxpayers being duped again. It just never ends. This is total folly to issue long term bonds and pay interest for twenty years to obtain such short term goals– even if anything actually gets accomplished by these leftist oriented programs, which is doubtful when you think about who will be administering these programs. The same inept department heads who are bungling everything else already will be at it again.
Sure! Sounds like great investment. Maybe Herself can get Ken to salt the pot!