-- 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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It looks like her choice was between two different kinds of “can kicks” go to the bond market year to year, or just kick Chicagos garbage onto the state. I guess it isn’t good enough for people to just leave Chicago to escape their problems.
people who step in s**t are advised to stay in one place & not spread it around
this is a bombshell!! wow Lightfoot admitting city pensions ( and hence city fiances) are hopeless. But she’s still not disclosing what gigantic debt north of $700 mil (started as $500mil) payment for this year rahm was hiding?..whats being hidden? in addition how will city/ state ever combined/consolidate all those thousands of different phone-book thick pension deals–each on with there own different spike deal, sweeteners, etc?? would seem impossible without trampling on some members sacred not to be diminished const grantee? any attempt will be law suite/ grievance filing mess (lawyers will $$love$$.)
And still no city cafr ( no cc or state cafr either)–as a chicago home owner–WHAT ARE THEY HIDING!!!