-- 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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In 1933, the Nazis won 43.91% of the popular vote in Germany. Turn Chicago over to the majority of voters and the public employee union and watch the city decline further and faster. Detroit can show you how it’s done. 1.8 million people reduced to less than 700,000. Hitch your wagons to the union bosses and watch how fast the wheels fall off. Jimmy Hoffa, RIP. Teamster pensions kaput.