-- 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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Interesting that the Dictator makes rules that force his competition out of business
Over leveraged, lender is the big looser in this deal.
Heads the owner wins, tails the bank looses.
Sounds like a Trump deal.
What good is caring if there’s nothing left to care for Governor Pritzker.
Not everybody inherited billions of dollars like you.
A basic reasonable measure from day one would have been, we are in an emergency, no salary hikes.
Going further out on the limb, no COLA hikes because we are in an emergency, and If you don’t like it sue me.
Then let the pensioners sue during pandemic and see what the IL Supreme Court says.
State might lose but at least pensioners would look like unreasonable greedy pigs.