-- 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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Complete opposite of Illinois, this ap articale from may states 29 other states have already or are proposing using thier fed biden $bucks$ to replenish state unemployment funds, ultimately offering a tax break to businesses and consumers making those states even more attractive to businesses. Plus they’re cutting unemployment. Not extending foever. https://apnews.com/article/donald-trump-coronavirus-pandemic-health-business-government-and-politics-5326b6d23ffcb4d9be851d9b8fc319f2
The federal legislation expressly made the bailout money usable for the unemployment funds, which would be a prudent thing to do. So, naturally, Illinois didn’t do it and used the money instead to patch over budget problems so JB can brag about how he fixed our fiscal crisis.