-- 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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That’s what happens when you try to solve the debt issue with the smoke and mirrors of “reform”. More taxes need to be directed towards pensions. There is no easy way around this and the safe harbor rules were always going to force this type of change.
Much higher taxes are needed to even come close to the cash flow burn. If you do not like it, do what hundreds of thousands already have done. Get out of Dodge ASAP.
They can’t pay the existing liability, so the idiot politicians pile on more unpayable liability.
Where the Hell is Chicago’s media on this? Useless as always.
#JournalismIsDead
Yes, people, I’m back! But I did move to a red/free state. Enjoying all that crime and higher property taxes yet? LOL.
So what does the Crain’s article say? I don’t get it, paywall action.
The system is broken, morally and financially.
Another bailout for Cook County’s bloated, fraud-ridden pension racket
LOL Tier 2 was never real…
It was always a mini ponzi, in the larger one, yes … at one time I was part of it. Thank God I took that with me and am out!