-- 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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It is nothing but lies and covering up mismanagement.
Just because you are paranoid that doesn’t mean every union as well as every politician and his family aren’t aren’t in cahoots to destroy you.
Poor Taxpayer,
I would describe it as Fun with Numbers!!
Da Judge
Excellent summary of the problems with Muni Accounting. Most people don’t even know that government entities have their own accounting standards. A totally separate system from GAAP. Close to zero percent of the population will understand this article. I bet no more than 5 % of government officials understand it. And legislators in Springfield– not more than 10% guaranteed.
So true. Financial literacy is rare.
The ridiculous government accounting standards board (GASB)should be phased out – then the public might hear the truth for a change.
By GASB standards, IL has a balanced budget. By GAAP standards? Not even close!