-- 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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“For Chicago, Fitch analyst Michael Rinaldi said the city continues to be an outlier, but has reserves and broad taxing authority.” Yessir. Plenty of room for Chicago to increase taxes. ““The city is somewhat more highly dependent on revenues that tend to be quite sensitive to economic conditions,” Rinaldi told The Center Square.Regardless, Rinaldi said Chicago’s credit outlook remains positive.” Even with a deepening recession on the horizon, the outlook remains positive for Chicago. “Fitch analyst Eric Kim said the national outlook means the macro conditions facing state and local governments are going to be weaker with a mild recession… Read more »
You are mentally challenged. Chicago and Illinois are in a death spiral caused by the greed and lust of the public sector employee. DOA, run for your economic life.