-- 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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Typical political animal thinking. Mortgage your future to pay current operating expenses. Chicago political animals have only their own mismanagement to thank for this deal and they have no right to complain when the purchaser collects on the deal.
“But they already made back their investment.”
Wah. Hizzoner signed the deal. This was financial Fa, Fo, and Chicagoans find themselves in the Fo phase. Any attempt to claw this back will cost plenty, not that the political animals mind <urinating> away confiscated taxpayer dollars. The ‘look’ will be dreadful and even the useless Chicago media might notice.
The immutable laws of economics.