-- 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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Pritzker should require that Chicago implements major spending cuts before he throws any more money at it. Chicago should first implement a Bloat Reduction Program (BRP, pronounced “burp”) with major reduction targets quantified.
Brando should impose a City of Chicago tax on all billionaires who keep their inherited billions in offshore accounts to avoid taxation. I’m sure that’s a “fix” that JB can get behind.
Chicago should mull all fixes for the budget crisis except reducing bloat, right?
Hey bubble head, how about stop giving tens of millions of dollars to ILLEAGL aliens who have invaded the city. That would be a good start