-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
What the article does not mention is that Elizabeth Warren wanted to protect the CFPB from future administrations from being able to hobble the agency by cutting off funding to it. She thought that if funding of the agency was taken out of the hands of congress and given to the Federal Reserve a future hostile administration couldn’t negatively impact the agency. CFPB bypasses congress for it’s funding by requesting money from the Fed to run it’s operations. Liz never imagined that the head of the CFPB could just request 0 dollars from the Fed and eventually the agency could… Read more »