-- 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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Sounds like we have BOTH a spending AND a revenue problem!
Start with a 15% cut on everything that legally can be across the board, NO discussions.
The only recovery of revenue for a department must be taken from another department.
This should hopefully yield about 10% cut in the budget for the entire state.
NO funds to pay for abortions or illegals in the state would save billions.
That’s a great starting point. The sky won’t fall.
Translation: JB and I need to agree on what lies we’re going to tell the people stuck in Illinois. With no more allowance money from Uncle Sam we’re screwed!
I glanced at Cap Fax today and it seems that Miller is seriously considering leaving Twitter/X and moving to Blue Sky, which apparently is the alternate social media universe for lefties who despise all the “misinformation” (i.e., contrary points of view) on X. That tells me everything I need to know about Cap Fax.
https://www.zerohedge.com/political/leftists-leave-x-bluesky-only-overwhelm-site-mass-censorship-demands. That’s all still evolving.
With the Trump victory Illinois obtaining a Federal bailout look rather slim. This leaves the State 3 options to either cut spending, raise taxes or utilize the old reliable use pension funds. My guess it will be a mixture of raising taxes and pension underfunding. Pritzker will be running for national office so will no doubt be starting a lot of programs designed to create headlines that tickle the fancy of the far left Democrats meaning the Illinois citizenry will pay soon with higher taxes and fees and will pay again later when the pension bills roll in.