-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Lilli, This should have been the lead article in the batch today. So, Detroit was able to discharge 7B of 18B. How much Debt does IL have that might be able to be discharged through some form of Chapter 9? Chicago in insolvent. It is just a question of when they will ring the bell. Of course, even if borrowing is possible, the costs are impossible to bear. No matter, they will still try until they can borrow no more. It is “Tilt” Game over when you can no longer borrow more money, regardless of the costs. How close are… Read more »