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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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City Council’s socialists?
In the immortal words of Thomas Paine, “To argue with a man who has renounced the use and authority of reason, and whose philosophy consists in holding humanity in contempt, is like administering medicine to the dead, or endeavoring to convert an atheist by scripture.”
That is a perfect quote for these times, thanks for posting it.
Of course it immediately brings to mind a question – what happens when half of society has reached that point of irrationality and contempt? What does the rational half do about it?
“Locally, Peterson predicts Lightfoot might be a one-term mayor, citing the “shaky coalition” she was elected with and her “progressive veneer” beginning to fade.” She won 75% of the run-off vote and is by far, the most progressive mayor of Chicago in our history. Her coalition is NOT shaky. The progressives live in some la-la land of alternate reality where they can just steal even more from the roughly 1/3rd of the city that pays for the remaining 2/3rd, and that 1/3rd will just deal with it and agree to pay for everything for everyone else. Except that they won’t.… Read more »
Numbers really matter. If the 1/3 turns to 1/4, the City will be in a world of hurt. My view is that that fraction is heading to 1/4. Good luck to the City.
“But DSAers saw the move as a betrayal. The reproach was almost immediate, with some on “Rose Twitter” (DSA members often signify their membership by adding a rose emoji to their name) declaring Vasquez a failure and saying he would face a challenger in 2023.”
Do it, accelerate! “A l’exemple de Saturne, la révolution dévore ses enfants”