-- 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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The amount of waste that was pumped through state government entities across the country as a result of Covid is stunning. Still billions unspent almost 4 years later. Fiscal cliffs staring many of these inefficient government entities and a federal debt problem that is about to reveal itself. The US Government has to refinance over a trillion dollars at significantly higher rates than the zero interest rate at which it was issued. A big chunk of the annual US budget is about to be dedicated to debt service. Winter is coming.
What a catastrophic and heartbreaking waste of money when so many young peoples’ lives could really be improved if it were spent properly. When you look at these spending numbers alongside the pathetic reading and math scores (that really only Wirepoints is focusing on) it is obvious this is a historic pilfering of public funds by the Democrats and unions.