-- 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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Great summary that is identical to how thousands of people feel. I just came back from a drive through Tennessee, Kentucky and Indiana.. All looked like paradise compared to what I saw when I came into Chicago from the south. The Bishop Ford is a disaster. Litter all over. Car parts on the shoulder of the road in a dozen places. Graffiti on every overpass. Drove up South Lake Shore Drive and happened to be listening to WBBM about the spate of shootings on the expressways and LSD. Cars going 70 or 80 miles an hour with no cops in… Read more »
Chicago has been a slow motion train wreck for some time (disrespect for law and order, identity politics, quickly declining public education system) but the China virus con accelerated the decline. It’s true crises accelerate trends already in motion.