-- 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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Its like one of the movies. You have to find an accountant with terminal cancer and promise to take care of his family if he signs off on it.
Had enough transparency regarding your “ seven years in a row “ balanced budget yet, IL?
It takes time to find a CPA that will sign off on this report. The state is in dire straits and is hiding it from everyone. The truth be known Illinois is already bankrupt and cannot pay its future obligations. The taxpayer is really screwed now.
Sheila Weinberg & Mendoza do a great job explaining what a con job joke the budgets are on G. Bishop-Illinois in Focus
Illinois releases audit for 770-day-old spending plan(https://youtu.be/p725AgxECPc?si=xkSpfYsKI851aS7x)
I see WP already previously posted, well worth listen.
Big point, by Weinberg, is the total state debt is “net position” $195 bil, not just included $145 pension debt for 2023. But who knows for 2024 as JB & pols claim balanced budgets, borrow, etc.? (I assume added net position debt is primarily due to OPED?)