-- 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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Unbalivably sickening–“In June, the overwhelmed and understaffed agency told a senate oversight panel, in writing, that it moved jobless claims that came through elected officials to “the front of the line” over applications that came directly from taxpayers, the BGA found.”
Articale also states–” Illinois also is planning to issue bonds to borrow more than $5 billion to bail out the IDES Trust Fund, which uses taxes levied from employers to pay out worker benefits claims, records and interviews show.”…SAY WHAT!!!!–if true why isnt this front page news?!?!?!?, –thought back in May illinois was approved for up to $11 billion line of credit from feds to be used for unemployment funds (which would all have to be paid back)
Why isn’t it front news, because all the news stations in Chicago are democratic backed.
IL has a new OS out for a new bond offering, which we will be reviewing today.
Isn’t having to go to the FED lending facility an admission that IL is indeed JUNK? Who would buy the new bonds? Which class of “investors” will finally say, “No.”???
Is issuing $5 billion in bonds to fund unemployment in addition to $11 billion line of credit to fund unemployment from fed illinois got back in may?? ALL OF WHICH WILL HAVE TO BE PAID BACK BY TAXPAYERS!!! Zero reporting in news, SHOCKING!!!