-- 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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I thought the bond rating upgrade was due to the White House throwing large sums of money at IL. How has IL’s “fiscal stability and … responsible governance” caused the upgrade? How is continual abuse of the taxpayer to pay bloated salaries, pensions, and health care benefits part of responsible governance? Any rational, ethical person would consider that part of irresponsible governance.
Man is still delusional.