-- 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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Predictable drivel coming from a ratings agency. They state right out that they want taxes raised, by saying something to the effect that Illinois has been reluctant to do.that in the past. You will see the rating will stay “just above junk” which is where the high yield investors want it. Another round of debt, them next year s and p and all the other crooks like them will again write a big long paper that essentially calls for more taxes. Illinois will never be moved to junk, we are too profitable to the high yield investors loving our misery.… Read more »