-- 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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He only mentions once currency debasement. When EO 14067 kicks in in mid December and cash is eliminated entirely, to be replaced with digital currency that’s when things get ugly. And it is going to happen. Imagine a garage sale and you have to have a chip reader and tax will be automatically added for your old junk you sell.
It’s now called “Vehicular Equity Reparations to Disadvantaged Youths.”
I’ll borrow a term used by Matt Rosenberg. Moral rot. There is a pandemic of moral rot in Chicago, as evidenced by the ridiculous level of violent crime, and the lack of action by Lil Kim to address it.