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Comment: "A structural deficit that stood at $635 million in 2011 has been reduced to $97.9 million, Chicago’s smallest in a decade," says the article. Never mind what the actual financials or anything closer to reality say. We'll be giving the details.
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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So basically he’s telling the investors… “Dont worry I’m going to keep screwing over the taxpayers for your yields” and moodys is right there to reward him for that as well? How cozy.