-- 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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Due to the recent Fed tightening and increased capital requirements, these new “equity” winners will soon find out that they will not be able to get a loan from a bank. It’s due to the business cycles, not racism. Loan standards are tightening all over the financial markets, and this loan classification is already deemed very risky. Maybe, if they dig hard enough, they can get assistance from a Private office or VC fund. I wish them the best, they are close to being their own boss.
Social Equity = economic imbecility. Just because you are a minority doesn’t have anything to do with whether you have the ability to raise capital and run a business. There are plenty of minority entrepreneurs who know how to run a business, but this program does nothing to include the competent minority business owners into this industry. Totally misleading and a cruel hoax to the minority community. But this isn’t the first time is it?
Sure isn’t… and the other side is “racist”, right?