-- 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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Cautious spending? Illinois is flat broke. Any spending the Springfield Democrats authorize is decidedly incautious. The Civic Federation hits JB the Hutt with the attack of the soft cushions with their milquetoast admonishments of our ever-overspending trust fund baby-in-chief. Giving the Hutt credit for credit ratings improvements only exposes their desire for continued access to Illinois politicians, as the improvement in credit and balance paydowns came largely from imprudent injections of funds from Uncle Fed during the Covid insanity. JB manages finances as only a trust fund baby would, treating Illinois’ taxpayer dollars as his own trust fund, except it… Read more »
There seems to be a strong correlation between the occurrence of fiscal crises/cliffs and mismanagement. Also, just a reminder, components of mismanagement often include corruption, greed, and/or lack of needed skill sets. You know, just in case anyone was thinking about changing things for the better in Illinois to ease the burden on the taxpayer.