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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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Hmmm…
Wasn’t it subprime lending to people that could not afford to pay the mortgages back that resulted in the real estate collapse in the mid 2000’s?
You misunderstand. They don’t care if money is repaid. Just that it gets doled out. When it doesn’t get repaid, it will be racist to have any consequences attached to it.
You gotta think like a race-baiting parasite.
It was subprime lending that consisted mainly of fraud, straight up fraud. I was involved in a lot of the aftermath of the financial collapse in Chicago and there was so much fraud. Many people in the community stole homes through fraudulent quitclaim deeds which they used to cash out refinance homes at inflated values. The people in the neighborhood literally stole anything of value that wasn’t bolted down, including home equity, from poor folks in the community. I also know of *multiple* people who earned $40,000 a year but owned 5-7 properties in the community, as they tried to… Read more »
“Injustice is not just coming from police brutality, criminal justice system, but it’s also embedded in the banking system,” said Conyears-Ervin (WITHOUT EVIDENCE).
Where’s Seaway Bank?