-- 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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Next the pols will legalize riverboat child prostitution.
Gambling is already all over the place: suburb casinos, lottery, video slots, race tracks, sports gambling, bingos, Marijuana is all over the place too, i have heard. The Chicago pension shortage is admitted to be at $28 billion and growing. How can Chicago siphon off such huge sums from gambling and weed? Is this his best idea? It’s not even a Hail Mary. How about bankruptcy? Good luck to good citizens, prepare for disaster in the Land of Lincoln. Thank you.