-- 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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As horrific as the chicago debt per capita # are the tia report appears to be using the dummied-down fake cash accounting/ partial gasb standard #s. So where in outerspace that $119,000 tax burden per chicagoan would be w the real #s is beyond comprehension?.. also, note cha’s pensions show a surplus??—-because the federal funds were used to pay off pensions rather than provide section 8 vouchers to poor–something the dem machine doesnt want to talk about