-- 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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It is now clear that states like Illinois will only be forced to deal with the years of malfeasance and corruption that led them to the brink of fiscal collapse if Republicans control either the US House, Senate or Presidency for an extended period of time (say 25 years). The minute the Dems got control of all three there was a blue state bailout that took Illinois off the hook, and it was off to the races for JB and crew. They’ll kick the can down the road every single time, and wait for the next time they can pass… Read more »
While they kick the can down the road they siphon off funds for their cronies and themselves. How did the USA ever get into this mess?
Politicians
Self-serving politicians – oops! With the current incumbents that’s redundant, isn’t it?