-- 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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Teacher cuts are the only answer to save money immediately.
CPS is WAY overstaffed.
Here is five simple steps: 1. Bust all Public Sector Union scum, imprison all CTU Members and give school vouchers for all parents. 2. Declare bankruptcy. 3. Pool all of the IL pension money into one pot and divide by number of pensioners. 4. Eliminate sales and property taxes. 5 Cut all government spending to 20% of current levels except for police and firefighters. Solved.
If only other states were as greedy and mismanaged as Illinois, JB and BJ would have us by the short hairs, because we’d have nowhere to relocate to for relief.
Many of the “ultra-rich” will be more likely to scoot instead of putting more “skin in the game.”
back to the drawing board