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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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Man, this article reads like the expert who wrote it doesn’t have a clue. Just a rambling stream of hypotheticals, no substance. Makes sense since a web site called “bond buyer” would obviously not have the taxpayers best interest in mind. Same old same old from these vultures, sound real smart with a white paper, then go make a market on the next Ponzi move they collude with the mayor on. A useless article ahead of the coming calculation on how best to screw over the taxpayers in the next can kick.
https://www.youtube.com/watch?v=9xZx1lf2tvs
At some point soon the Municipal Bond market will realize that they will not get their money back from entities like Chicago, Illinois and Cook County. When that happens the credit card that all three have lived from for the past decades will be canceled and all spending will screech to a halt. That’s when the honest taxpayers will finally have a seat at the table and end this long standing criminal conspiracy between public sector unions and mostly Democrat politicians. By the way: dont expect any funding from taxpayers. We’ve already paid more than our fair share. All concessions… Read more »
Racists!