-- 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 cities and states routinely mismanage taxpayer revenue, there always seems to be fiscal cliffs ready to fall off of. The solution almost always seems to be more taxpayer revenue needed to mismanage, aka, the financial death spiral.
Ralph explains at length why Chicago taxes just must go up a whole lot and very soon, but assures us that, “The good news is Johnson recognizes Chicago’s fiscal challenges can’t be solved with smoke and mirrors.”
I think that it’s far more likely that Johnson et al know that being held responsible for what happens in Chicago can, however, certainly be stalled with smoke and mirrors & progressive blather and harrumphery.
We’ll see how long it takes for the woke whoo-haaa to be replaced with dollars-n-cents and who pays and when.
The Chitty is in a free fall, cannot be stopped now. The numbers are in and they are full of RED INK. Double taxes every 5 years for the next 50 years and it still may not be enough to make it out alive.
BJ the Race Clown — like every filthy communist rat — will soon find out what happens when he runs out of other people’s money
https://www.goodreads.com/quotes/138248-the-problem-with-socialism-is-that-you-eventually-run-out
Is round boy the lone down vote?