-- 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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When will the goalpost be moved.
Well this is a surprise. Not. Fiddling the figures to a) keep us locked down until November in the hope of getting a Democratic President and Senate and b) to get his federal bail out no longer passes muster. The Governor’s authority has started to be undermined, his power ebbing away. If he digs in, a tsunami will wash him away.
God Bless America
Lookie here, lookie here! Statewide resistance is forming and suddenly the black box says its OK to move to phase three!
Sadly, that’s not the case, he’s still expecting us to sit around for weeks even once metrics are met without ever justifying why he believes that is necessary (other than reciting the words “data and science” as if they mean something).
Just heard a big resort in NW IL filed bankruptcy and closed given that gatherings of 50 people or more are suspended, for all practical purposes, indefinitely.