-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Another problem for Brandon/Pritzker. Pam Bondi is stopping money to sanctuary cities. Will our taxes go up to support them now?
https://www.yahoo.com/news/ag-pam-bondi-uses-her-222403564.html
Terrific and wise observation that Illinois and Chicago received their long dreamed of federal bailout via a Federal stealth handout during the Wuhan Virus crisis. This was a disgusting theft from frugal and responsible Red States to the leeches and corrupt leaders of Blue Cities and States. Worse, JB and Chicago wasted this stolen bailout and spent it on pretty much anything except pensions.
I haven’t seen this author before and the piece is a couple weeks old, but excellent.
I forget who pointed it out to me. There are a bunch of “buyer beware” signs on this deal.