-- 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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FFS they are not ‘Federal COVID Relief Funds”, they are monies provided by the taxpayer, people like me.
Failing Chicago Schools Will Flush Billions Of Biden Boondoggle Bailout Bucks — While CPS Students Will Get An Even Worse Education
Just as comparison $9.6B could educate 1,371,428 kids at approx $7K each in private schools here and around Rockford. There are 2M kids in public schools (K-12) in Illinois so that is 69% of all public school kids could be educated for just the Chicago budget alone.
And all this extra cash will mean that children will finally learn to read, right? When pigs fly….
Hey, all this extra cash floating around could cause inflation!