-- 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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The real question should be Where does JB’s boss stand on the issue ?
A number of years ago I suggested that we change our state slogan. After reading this story, I propose once again, to change our state slogan from “Land of Lincoln” to “State of Intoxication”.
Think about it. Every car from Illinois traveling across this great nation of ours will immediately explain to all onlookers the ridiculous news stories that seem to endlessly emanate from here.
The fact he commented like this, hours after the senate leader said what he said, is circumstantial evidence that Janna already knows bankruptcy is an inevitably. McConnell was just warming up blue states – like Illinois, Connecticut and California – likely tipping his hand that individual state BK is happening, it’s real. It’s as real as the Big Mac Jabba shoves in his mouth a couple of times a day.