-- 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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How does spending money on areas stated by Johnson as suffering from “decades of disinvestment” interface with the requirement that the funds be spent to “repair damages caused by the pandemic?” One might think that with the school and city budgets in such disarray it would be an easy matter to decide where to apply them but my guess is they will disappear into another dark hole vote buying program as seems to be the case these days.
You finally ran out of the feel good drugs and now comes the withdrawals and DT’s. Enjoy.