-- 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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Connecticut will fail first. Then bond prices will skyrocket. Then states like Illinois, NY and California (and Chicago plus thousands of other municipailities) will see their credit cards shut off and will be unable to make payroll. Then the whole house of cards comes down. The AFSCAME, IFT/CTU, SEIU scam somes to an end.
Congress wont have any options here. Even bleeding heart Democrats will be faced with a potential bailout so many times larger than the 2008 financial crisis that they will be helpless to try and save their criminal co-conspirators. End of Public Sector Unions.
We are a long way from this, unfortunately.
Now, the kicking and screaming begins.