-- 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
Nothing like a gift from Uncle Sam and record breaking inflation to fill the state coffers. Once we’re in full blown recession and the US House is safely in Republican hands JB is going to be whining like the silver spoon trust fund baby that he is.
JB the Hutt is ecstatic. By employing the same method that his trust fund gets replenished, more commonly referred to as a Federal Bailout, there are a couple of pennies to rub together in the slush fu…er ‘rainy day fund’. JB knows nothing about business or finance, dooming Illinois to more fiscally suicidal spending.