-- 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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There are also residential mortgage debt and education debt crises. Should IL borrow money to resolve (or partially resolve) those? How about the Social Security crisis? Then there’s the Climate Crisis and the Sea Level Crisis and multiple Lake Michigan Crises. Each of these does or will adversely affect one or another minority group. Many of these will be Old People or Gay People or Native Americans or (my favorite) Children. Then let’s not forget the Veterans and remember the Immigrants who need to learn English and be supplied with translators to attend their arraignments. Anyone attempting to establish a… Read more »