-- 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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so thats $1.2 billion a month in borrowin or $12 billion more a year, and for several years. these unemployed are not going away. This should be enough to break the camels back.
Dont forget, Illinois has been approved, for highest in nation, to borrow if needed $12.6 billion from feds for unemployment claims. All of which would have to be paid back. Believe illinois is still paying back or just finished paying back borrowed fed unemployment $ from 2009