-- 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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Ha! Now someone tell me why a meeting like this is even legal? And why would the rating agencies want to lose all credibility by colluding with the very person that will raise taxes so the investors, who pay the rating agencies, can profit from tax increases. This is not a meeting that will benefit taxpayers in any way. Pritzker will be given his marching orders, screw over the taxpayers and we will keep things at “near junk” where our institutional investors get high returns. The taxpayers are already under constitutional mandate to just pay it. Rating agencies are the… Read more »
Let’s hope that Shitzger gets his fat ass slapped hard by the ratings agencies. It is our only hope.