-- 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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no
Anyone that can read this will die of old age before it comes back, if ever.
I guess commercial real estate owners are now getting a taste of what it was like for homeowners in 2008 when their property values plummeted. And both situations were created by idiotic “progressive” politicians who have not learned one damned thing.
Folks, take it from a former Detroiter. It’s a long way back — if ever.