-- 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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No surprise. BJ and CTU dont care about any financial consequences. Like thieves in a bank vault BJ is scooping as much cash into his pillowcases as humanly possible. As CTU and their purchased puppet said on day one: “First lets gets the money.” Bust this criminal cabal now. Drain their pensions. Give the money back to the taxpayers.
Nice job CPS and CTU. Swiping the credit card to pay for expenses and interest on existing borrowings is an excellent course of action. The subsequent debt service coupled with the massive CPS/CTU payroll will bring about the bankruptcy that much faster.
Tough choices unmade today become the Sophie’s Choices of tomorrow.
Thats the ticket. Get a loan…on a credit card. Why not just use VISA, the interest rate is only 29%…no problem. Or perhaps…geee, I don’t know…maybe cut costs. Close buildings, right size administration, stop losing $23M in chrome books and other electronic “teaching aid”. Perhaps undo the programs that were implemented using one-time COVID money and discontinue them… These people are inept. Next is tax increases and hopefully bankruptcy.
Eventually you run out of other people’s money.
Or the money runs out of purchasing power. Read up on the Weimar Republic for an economic example.
Absolute Insanity.