-- 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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Lead in the water pipes? Is that why people in Chicago vote for certain politicians the way they do?
Replacement of lead water-service pipes leading into Chicago properties is truly a “between a rock and a hard place” situation. Full replacement is cost-prohibitive, given Chicago’s other financial problems. Chicago can’t afford this infrastructure project, yet lead content in drinking water is a genuine problem. And of course, public-sector pensions are sacrosanct. Let’s buy everyone a Brita Filter water-pitcher instead.
During the Middle Ages, Rome had fallen to such disrepair that the only populated areas in the city were within walking distance of the river. There was a special employment class of people who would gather buckets of water from the river and deliver it to homes every day. If you chose to live too far from the river you were unable to get water delivered. My point is that things can get really bad for a really long time after falling from such great heights.
Other than lead in the pipes, economic factors contributed greatly to the fall of Rome: “Some of the major factors described are inflation, over-taxation, and feudalism. Other lesser economic issues included the wholesale hoarding of bullion by Roman citizens, the widespread looting of the Roman treasury by barbarians, and a massive trade deficit with the eastern regions of the empire. Together these issues combined to escalate financial stress during the empire’s last days.”
Sound familiar?
oooh boy. I hope Chicago plans for a lot of material shrinkage if its going to start replacing the mostly harmless lead street lines. Copper pipe has a tendency to “disappear” at the end of the workday. Houses should be tested for lead before replacing the lead, “just because its lead”, the vast majority are perfectly safe.
Plastic is generally less expensive than copper.
In the hood sometimes products get stolen while the workers are working.
Even steal something out of the back of the truck while someone is sitting in the front of the trucks.
And be ready to dive for cover when the shooting starts.
Yes pretty common to have to hire someone just to watch your truck, tools and material while you work.