-- 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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So basically Moody’s is saying that the taxpayers need to be shakedown even more to get the rating up. Moody’s is money laundering, it doesn’t matter to Moody’s WHERE the money comes from to better the ratio, they only rate the ratio. So the govt can borrow 10 billion drop it in the pension, and suddenly to Moody’s that’s all “clean money”, we will reward you with a better rating. Sounds like money laundering to me and the folks that got took.
“Since the dramatic increases in pension expenditures began in 2008 – resulting from the Edgar ramp – Illinois state and local government employment has been decreasing.” It is more appropriately the Madigan / Philip / Edgar Ramp. The House Speaker at the time was Michael J Madigan. The Senate President at the time was Republican James Pate Philip from northeast DuPage County. The Governor as the time was Republican James Edgar. So one Democrat and one Republican legislative leader, and a Republican Governor. Another example that both political parties are responsible for the pension scam. That law, PA 88-0593, passed… Read more »
Yawn: Moody’s crying wolf again and too devoid of testicular fortitude to downgrade to junk. At this point they are complicit.
Everyone should remember this if they are considering annuitizing their assets in retirement. Clearly you cannot trust Moody’s ratings, they lack integrity