-- 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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Heading for the old bankruptcy corral.
“We have an old car. It’s inefficient. We can’t just cut off the fender, the tires, the windshield wipers because we’d still be making the same car payments. We need a new car. A more efficient car.”
And we still owe billions of $$ on the old car. The car would be repossessed. What does that mean for the City?
All the dem lib elites have supposedly found religion with Ezra Kliens “Abundance”. It’s all the rage, inter reflecting machinations on how progressive dem politics have gone to far crushing affordability for “the working class”…except, of course, they leave out any criticism of the ridiculous deals handed out to the blue state (Chi & Ill) public sector class who are now, at a minimum, the guaranteed deal upper-middle class. Their guaranteed deals are by far the major driver of “the working class” blue state affordability crisis. What dems don’t realize is DJT gets the national frustration and his canceling federal… Read more »