-- 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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Another fiscal cliff in IL due to corruption, mismanagement, and/or greed – now, that’s a surprise.
Chapter 11!
Yikes, that was a crapload of money to burn through so quickly! I’m glad they put it to good use. Using federal COVID money for fraudulent or frivolous purposes resulted in increasing the already formidable burden on the IL taxpayer. Luckily, we have infinitely deep pockets, or so these IL Dem pols think.
Don’t binge on the 17-year cicadas, because withdrawal is a bitch.