-- 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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When Chicago Tribune Editorial Board is taking shots at a democratic governor, you know he’s messed up in a meaningful way.
The biggest cheerleaders of JB’s tyranny – the news media – is hitting the financial reality of martial law. The Tribune has instituted permanent pay cuts for staff and semi-permanent furloughs too. They’re feeling the pain as ad revenue has likely dropped 50% or more, as it has with other major city newspapers. I suppose one good thing to come out of this would be the folding of the Tribune. I would rejoice when Eric Zorn and Heidi Stephens could take turns walking and grooming my dog in the gig economy. And then I could insult them as I berate… Read more »
Greg Hinz from Crains can join them in the clown car.