-- 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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The last line in the article states, “You can’t spend what you can’t tax.” When has not having enough cash ever stopped chicago from over spending? The answer, of course, is NEVER.
I told my employer Ill be back when they fully lift the mask wearing in the building. Because the presence of masks and the policy of masks is the clearest indication that the building is not safe yet.
My son in law was asked to return downtown in the September. He has a bonus coming in October. He said he will quit after collecting the bonus and find a job in the burbs.
“The central business districts could very quickly turn into a larger version of Detroit if white collar workers do not return.”
True dat!