-- Connecting the dots between our economy, government and business --
The cost of the virus and a possible recession are terrible news for City Hall and Springfield, both already struggling to pay their bills. “We don’t have any reserves. We don’t have any unrestricted funds that are being held in abeyance,” warns a civic watchdog.
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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No viruses can threaten the state of Illinois, we’ve been in a dire situation for over a decade, get with it.
But nowhere close to what the pols have done to our well being-stress levels-overall quality of life when from one moment to the next we never know what new tax they will spring on us or if we are able to keep our homes. Financial stress easily qualifies for mental and physical health problems.