-- 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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Tablet, laptop, pc, or supercomputer it doesn’t matter. Garbage in = garbage out.
God help us all if the quants are in charge of infectious disease modeling. We’ve seen what damage their profession did to the financial markets. This group of people, all of whom miss the forest for the trees, will likely end up causing more deaths with their absurd computer based predictions.
This is an information-free report. “They are using hard data.” What data would that be? What assumptions underlie the models the computers are using. Who determines what those assumptions are and on what basis. The models indicate a second wave is possible? Possible is a weasel word in this context. That takes in anything from “remotely possible” to “highly likely”. How likely or unlikely is a second wave? What assumptions and data are employed to reach that conclusion? The article invites the reader to believe that the engineers have got this without giving any reason whatsoever to believe that they… Read more »
They’re pumping out wrong predictions