-- 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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To clean out Illinois government village idiots
we need a fleet of Atlas Van moving trucks
a line up of cattle trucks will work also.
how about the recent city of Chicago bond issue! $75MM are stuck on Goldman’s books because they couldn’t sell them at 4.86%, almost a full point higher than last year—with the decrease in the Fed funds rate that happened over the last year! The Bond Vigilantes smell blood. These were secure bonds too-wait until they sell unsecured bonds!