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.
Not to worry, it will soon be number 2 and racing for number 1. Illinois will at least be number 1 on something. The 1 stand’s for the middle finger.
The next recession will finish off Illinois as an entity to do business with. It should be obvious to any creditor by now that Illinois has become a ward of the federal government dependant upon a continuation of Democratic Party incumbency in the White House.