-- 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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So what will the new State financial guru’s pick to invest in?
Perhaps some “Build Illinois” so called investments with non recourse loans?
Some other fly by night program based things designed to spread the money around as it evaporates making a bad situation even worse?
They probably wont invest in a simple no fee index fund that have provided double digit returns over the past year…and I wonder who’s brother-in-law will get hired to administer the program.
The best day of your life is the day you move out of Illinois.
There is no hope, DOA, a goner.
Let the cops, teachers and firemen pay all the pension taxes.
Do not be the last man to move.
The race is on to get out of this hell hole.
Do not walk but RUN as fast as you can. Do not look back.
HIGH TAXES, LOW SERVICES AND some of the worst weather in the US.
You and your family deserve much better.