-- 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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What glue are they sniffing??
THE UPGRADE COMING FROM COMPANY THAT RATED ALOT OF THE SUBPRIME MORTAGE PACKAGE GOOD AND THE BANKS THAT GOT IN TROUBLE IN 2008 GOOD RATINGS.
The pension bomb still ticks closer to exploding and the hucksters in Springfield, including the completely superfluous future six figure state pensioner Susana Mendoza, send a few choice stats to Moody’s in order to pretend that Ilinois is anything but bankrupt. As a result of this continued farce, I have lowered my rating of Moody’s Investor Service to be one step above noted propagandists CNN and three levels lower than Snopes. Moody’s is awarded a four Pinocchio rating for this mendacious report and any information gleaned from this organization must be regarded with the same faith that anything CNBC’s Jim… Read more »