-- 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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Not a fan of Amazon but this is good news they are building 100,000 new vehicles, in America, and especially in Illinois. And talk of sudden imminent collapse in Illinois. Businesses are still investing, the state is still humming along but the balance sheet looks awful. it will collapse, eventually, but not until those potholes in front of your house are a foot or more deep, for years.