-- 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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If we don’t vote a$$h0le$ like Banjo, Putzger and Duckless out then the fault is ours
When we thought it couldn’t get worse than Lori, how wrong we were.
But, so what? The voters of the city either couldn’t be bothered to vote or simply aren’t smart enough to understand the implications of their decisions.
This is the critical flaw in a system that only functions when all participants have real skin-in-the-game.
The ruling class has nothing at risk and will continue to double down on failure.