-- 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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Just let the pensions default.
The courts can not order money to appear that is not there.
There is no hope of a bail out.
Save your breath if you think the greedy unions will help.
Only solution for the hard working common man is to leave Illinois as fast as possible.
Let all the greedy cops, teachers and firemen that stay (most live in Florida) pay, pay, pay.