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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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“Without progressive revenue, there is not a pathway that allows us to maintain these obligations,” – Mayor Cliff Notes When even the three blind mice at ‘The Bond Buyer’ finally acknowledge just how painted into a corner Chicago finances are, <fecal material> must have ‘got real’. Remember, kids, this is the same publication that lauded Moody’s credit rating improvements for Chicago and Illinois. That this was all based on the temporary Uncle Fed smoke and mirrors of the Inflation Production Act didn’t seem to bother them. Yep. Thanks to political animal Martwick and the imprudence of JB the Hutt, <fecal… Read more »
Chicago needs to print BJ bucks and pay their retirees with them.
JB should start doing the same for Illinois pensions and assign a % value of a dollar, start with 100% and then start dropping the percentage.