-- 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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The future generation just went more into debt than they already were. The numbers are so high they will never be able to pay it back.
This follows the concepts recently pointed out here of “making someone else pay” for goodies for us today. Its sort of like Wimpy’s “I will gladly pay you next Tuesday for a hamburger today.”
See there. Illinois has no problems paying the pensions. It can simply borrow the money and get some for some giveaway capital improvement funding too. Even you were thought of in this situation…guess who has to pay the interest on the loans?
Imagine how successful it would be if they sold 140 billion worth of GO bonds. lol
Then we’d pay even more taxes…. These are just another tax increase due to financial mismanagement.
IL politicians manage IL like they have a credit card they don’t have to pay off…. Yeah, more debt financing for our taxes to pay.
Translation…..apparently completing ACFR three years late w OPEB funny money accounting is no problem for bond investors. They’re 100% confident in Springfields ability to tax it’s chumbalones into oblivion.