-- 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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That 41.3 million bucks could also hire hundreds of additional workers to lean on a shovel watching one guy who actually works.
Is this why we don’t have chain gangs anymore? Word gets out where an inmate will be working and someone plants a gun for him?
Third world behavior.
Solution? Chain gangs, remember them?
One of my favorite movies was Cool Hand Luke. Great casting.