-- 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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Financial Collapse Imminent: 10 Cities On the Brink of Bankruptcy
Chicago, Illinois – Grade: F
©Provided by Wealthy Nickel
Chicago stands at being the second-most in-debt city in America. The town faces incredible challenges with crime and now pension-based debt. The city officials only set aside 25 cents on the dollar in promised pension benefits in 2022.
Financial Collapse Imminent: 10 Cities On the Brink of Bankruptcy (msn.com)