-- 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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The day of reconning is coming sooner rather than later. The stock market is indicating a recession is on the way. Get ready for many more private sector businesses to close.
Worry about the potential cost of their past enthusiastic virtue signaling?
Nah, that’s only for the peons. Public sector workers just need to dig deeper into their neighbor’s pocket.