-- 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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Really, this is just one step closer to socialized medicine and the government take over of the health care industry. Government approval of an otherwise normal routine business decision is kind of scary. It’s a bit like the Soviet communist days where the factories were required to manufacture X number of widgets a day, regardless of the marketplace or need for those widgets, and the government control ultimately destroyed the entire economy. This is similar to this new law, which basically gives the government the final say over a private company’s decision to operate a business in a particular area… Read more »