-- 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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With SVB and Signature bank, the first two business casualties of the recession have emerged. We now know how and where unprofitable and woke start-up businesses were getting their money. Interest rate risk was completely mismanaged by these woke idiots.
The low and middle consumers are already spent and going into debt just to survive. The upper middle and high end will soon tighten their belt. Smart money and good leaders would reassess their fiscal projections and adjust accordingly, but we are talking about Illinois here.