-- 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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I always thought it was Illinois and New Jersey that held the crown for unfunded pension liabilities. Now California comes in trying to take our crown? To be fair they do have three times as many people was Illinois, so that must be taken into consideration. I’m sure JB will get right on this and accept the challenge from California. Time to kick that pension can down the road!
Time for bankruptcy — now that Dementia Joe won’t be doing another Blue State Bailout