-- 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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And as usual Pritzker puts Susana on stage and all we hear is ole susana won’t you cry for me.
Too late Susana, that money has been spent twice already! JB and the gang are about to declare that it is party time, Illinois style!!!
Mendoza’s stating it as clear as day, the $7 billion the state’s slated to receive in fed bailout dosent even cover state cash accounting $9 billion current debt–“The Comptroller’s records list the state’s backlog of unpaid bills at higher than $4.7 billion dollars. However, she says that figure is actually closer to $9 billion after accounting for recent emergency borrowing from the federal government.” Or in reality the $7 billion in fed bailout is nothing more than a minor dent in Illinois astronomical pension debt to upperincome & multi-millionaire public sector retiries and has nothing to do with relief to… Read more »