-- 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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This is the poster child of wake-up calls to all doctors and nurses in Illinois: Illinois has no concern for you. You are of no value to those who rule Illinois, and of zero value to those who vote or don’t vote in Illinois–other than that they believe you owe them servitude. If you do not work for Illinois Government Industry, you have to be an idiot to rely upon ‘pension’ or ‘insurance’ ‘guarantees’ from private sector employment. Therefore, your servitude toward extending and enhancing QALY for Illinois Government Industry employees only hastens your own economic doom…and that of your… Read more »
One less business for PPF to tax and live off of. . .Am I right?
Considering that this company has been declining in sales since 2016, it’s hard to call this “shocking”. If you were an employee at Akorn, you knew that the company you worked for sells products that don’t have the same patent protection as most brand drugs. So for the last 6 years you’ve watched sales plummet for products with low barrier to entry and you didn’t think this was a possibility? This is the problem with average employees at most companies. They just want to show up to work and get paid but don’t feel invested in the success or failure… Read more »
This is all the that Jeep needs to pull the trigger on leaving Illinois for good.
https://www.rrstar.com/story/news/2023/02/13/jeep-cherokee-suppliers-laying-off-hundreds-as-belvidere-plant-idles/69868356007/
Private sector employees are an endangered species in Illinois.
“You didn’t build that, someone else built that.” That is from Chicago folks.
A blessing in disguise for the workers, they now can exit Illinois and start new lives with a promising future in another state. Lots of jobs in other states that are begging for good workers. Good luck trying to sell a house thought as who in their right mind wants to live in Illinois any longer?
I feel bad for the 450 individuals that are losing their jobs. Given the company declared bankruptcy once it shouldn’t be a complete surprise. Another blow to the Illinois unemployment rate, which is already high. Why doesn’t that ever get covered by the mainstream media?