-- 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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The money can not run out fast enough in Illinois.
They are trying to deplete all accounts as quickly as possible by refusing to furlough people who have zero work such as library workers. The quicker the accounts are emptied, the greater hope for a federal bailout.
The small business job losses in Illinois are not due to the coronavirus pandemic. They are the direct result of the illegal actions of Governor, J Beluga Pritzker, who in complete ignorance of what it even means to have to work for a living, has declared that it is illegal to do so.
P.S. I hear that cake is all the rage at the big estates in Florida this year…