-- 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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Tens of billions of new borrowing, at the highest interest rates for any state in the Union.
Today’s politicians obligating tomorrow’s taxpayers to carry an ever-growing burden, an 800 lb gorilla for each TAXPAYER to carry…even as some of those politicians are elected to office by legions of people WHO DON’T PAY TAXES, never have and never will.
It’s a prescription for collapse.