-- 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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There is a great divide between people who believe that their ideology trumps reality and those who have worked and saved to achieve economic stability. The former believe that the latter should fund their dreams. They want economic stability for all including for those who can but won’t work, don’t reason, don’t obey the law and create no net economic benefit. The Marxian manifesto of “from each according to their ability and to each according to their needs” never accounted for moral hazard and the decline of trust in what was once a high-trust society. The ideologues are indifferent to… Read more »
The Cans are willing to help the Cants. But, we are refuse to help the Cants and the Wonts.
Well written, I continue to read in amazement that Illinois and Chicago cannot file for bankruptcy. They do not need approval from anyone, by definition they are insolvent.
if there are degrees of insolvency then
Illinois and Chicago are aiming for the lowest
level.
By definition, Illinois isn’t insolvent. Bond payments continue to be made on time, every time. The state continues to meet payroll and other obligations. Illinois has broad taxing authority to collect more revenue if needed. Illinois could also cut other spending. Illinois is deep in debt but not insolvent. If you are amazed by people telling you that Chicago and Illinois can’t file for bankruptcy it’s because you are purposely being ignorant to the subject. Some people just like going through life that way I guess. Structural deficits, unfunded pension liabilities, poor credit rating, slow population growth, etc.. are all… Read more »
Just of the month?
The funny thing is, the ones he is screwing the most are the poor blacks and they are the ones who’ll vote for him next election. They voter color not qualifications
Good old pinhead, he is piling up those awards to
line the halls on the 5th floor in City Hall.
way to go Porky award winner!