-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
LOL build more tall, but completely empty, buildings during Chicago’s doom loop. These people are delusional. I know that the Editorial Board is supposedly ‘better’ than the jouralismists, but you’d have to be a complete loser to take a job at the Trib these days in any capacity. The ship is sinking, why would you voluntarily get on the ship? The Trib clearly isn’t hiring the best people.
An article such as this reminds me of the rapidly failing old commie East German regime in the 1980’s. The leaders were touting their “socialist achievements… we are the richest of all the socialist states… we are the vanguard state of the workers and peasants”. etcetera. They were spending billions on producing an “advanced” 5MB computer chip, while in the rest of the world that was already a bygone technology. All the while, they had a Ponzi scheme of being propped up by “secret” West German hard – currency loans, as they were essentially broke. Then, BOOM!, they fell very… Read more »
How long are the local excuse for media going to blame the downward spiral of CHI on covid instead of being truthful about the real issues of crime, insane taxes and a throughly inept, biased government?