-- 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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Change “may” to “will”. And the true irony is the fact that so many on the left are rooting for a recession simply because they think it will discredit Trump.
Bingo. This.
All kinds of bad things are going to happen here in the next recession. From a purely academic perspective, it will be fascinating to watch economic theory play out.
We will get to see the answers to very important questions play out before our eyes….
What will happen to local municipalities like Harvey? Will the Chicago engine sputter? How big will the state, county, local deficits be? With fear being rampant, will the bond agencies downgrade? Whose bond offerings will be the first to fail on the market?
Yes, with many lessons and legal precedents not just for Illinois but around the country. That’s part of why we we’re here.