-- 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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News flash: Alcoholic uses food money to buy more booze!
Wow!!, the giant fed mother-load $$payday$$ hasn’t even arrived and Illinois is already borrowing against it to payoff debts for our upperincome state workers & pensioners hero’s….yup, social equity Illinois style!! You got a problem with it bud??
Illinois is using slightly improved bond rating due to incoming fed covid relief funds to, in part, once again fund/ bailout pensions with yet another gigantic scoop-n-toss for upper-income /multi-millionaire state employees & retirees? No long tern structural changes are being made. What else can you call this. Further, dems sneaked in provision into $1.9 trillion relief package penalizing responsible states for using any of there relief funds to lower taxes on taxpayers, but apparently its ok to use relief funds as collateral for bankrupt blue states to bailout upper-income state workers & pensioners and further indenture hapless state taxpayers?… Read more »
Perhaps when there are only 1,000,000 remaining Illinois residents, each weighted down with $1,000,000 dollars of state debt, the rating agencies will finally rate the state junk… but I wouldn’t count on it.