-- Connecting the dots between our economy, government and business --
The Preckwinkle administration plans to tap the entirety of its $100 million revolving line of credit with BMO Harris "in light of the uncertain economic circumstances surrounding COVID-19." Cook County appears to be bracing for major impacts from the coronavirus—county HR officials sent an email Friday suggesting employees jobs and pay could shift after April 30.
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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What sucker would be dumb enough to loan Cook County any money? If you have stock in BMO Harris then sell now.
“A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain.” – unknown attribution
uh-oh, cc workers better start filling those corona/disability claims before the layoffs kick in
No. Toni Taxwinkle will cut all services before she will cut they paychecks of her beloved public union workers.