-- 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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“Tottering town.” With all that we and you commenters have written, why didn’t somebody think of that sooner?
Detroit had a riot in 1967 and hasn’t been the same since. I’m even gonna say that there may not be enough potential rioters left to reach the critical mass necessary to riot again even if they wanted to. That’s the legacy of century of Democratic Party governance.
Should read Illinois is on the brink as a whole
The book is excellent – well worth the purchase.