-- 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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In the near future I expect to see a car race of sorts to see who can get out of Chicago (and Illinois) the fastest. Millions of Illinois tax donkeys will become the Okies of the 21st century. You’ll be driving to a Red state of course (or perhaps northern Wisconsin/UP of Michigan).
Just leave any Democratic Party voting habits at the border.
From a buddy in TX
How many fake nooses will they find?
It’s “MAGA country” after all. I’m surprised Chicago would allow cars that get 2mpg on the street.
I hope that as part of their due diligence City staffers checked the numbers with Boston, Austin, Nashville (Oklahoma City where it hasn’t gotten off the ground yet) and the several other places that have done similar events. If they did, they would know it is time to get the taxpayers’ checkbook out. And try to find a place where the event has repeated many years in a row. Not a good track record I’m afraid.
The politicians and their minions will make money, NASCAR will make money, and the taxpayers will foot the bill. The Chicago Way.
That means the event is perfect for Chicago.