-- 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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Mayor Cliff Notes paid off his friends and pals in CTU. Then the cupboard was bare. He was warned but chose to enrich his pals over financial sensibility. Chicago was running on financial fumes, now the city is flat broke.
Operational and financial illiterate Mayor Cliff Notes spends like an adolescent, then demands his allowance get hiked to cover it.
Jail would be an appropriate remedy for political animals who fail in their fiduciary duty to taxpayers.
I guess that is what passes for a financial brain trust in Chicago? A bunch government apparatchiks trying to figure out how to steal money from one place and put it in another place. As with 3 card monty, it’s when the money is moving that the thieving takes place. The demofilth truly are a talented group of criminals.
It says the city sold off assets to meet obligations for pensions at end of second paragraph. What assets exactly, and what are the financial consequences of doing so?
The 1990’s Amtrak business plan: Sell assets and long-term bonds to pay current operating expenses.
Cowardly political animal socialists try this tactic again and again. It has never succeeded.
Chicago pension system is DOA; it just has not written the obituary yet.
Ask the state for approval of bankruptcy now!!!
I thought that Homie the mayor supposedly just stumbled across 4.65M for another “ neighborhood reinvestment “ social services program? DOGE, please.
The immutable laws of economics are playing out.
Inevitably, socialists run out of other peoples’ money to pay for their virtue signaling.