-- 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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Are the latest bond we bought guaranteed with future taxes?
Bolting is looking like a better option then revolting…
I’m gonna be really nasty:
it wouldn’t do a damn thing to Chicago or Illinois.
You think Sandy (the tropical storm by the time it hit my area) did anything positive re: New Jersey finances? Nope. But Christie & Obama got a nice photo op out of it.
That’s the difference between you & me, Mark. You’re an optimist.
Having been the first person around here who said, a few years ago, that bankruptcy is ultimately unavoidable for Chicago, I haven’t thought of myself as an optimist.