-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Similar to the drive down I-57 mentioned in this article, I recently took a ride on Amtrack from Chicago to St. Louis. I was stunned. Literally thousands of abandoned, rusting and rotting buildings and pieces of equipment almost all the way to the River. The Joliet area is full of them, but every little small town along the tracks has the same sorry scene. You can only imagine how powerful the Illinois economy must have been decades ago when all of these factories– and the towns– were booming.
Rural America has been demonized and turned into Coastal Elites’ prison bi*ch, deplorable and fit for rape and pillage. The stakes are high and it is time to fight back.