-- 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
‘One thing I know for sure I have to do over these next two years: every single dime that our people have been robbed of, I’m going to make sure that is returned two-, three-fold.’
Sounds like the Mayor is initiating Reparations by Fiat. Want to bet that the Cost Overruns will be “two-, three-fold” as well, with Taxpayers having to compensate for the difference.
Johnson will likely be remembered as the Worst Big City Mayor since Detroit’s Kwame Kilpatrick, who oversaw the depths of Detroit’s fiscal morass.
Spot on. Legally, Johnson is incriminating himself with his discriminatory comments.