-- 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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If Six Percent’s folks don’t get theirs, he’s gonna holla. Interestingly, Joliet just pulled a major flip flop on their stance over a third pot dispensary. Even though soundly defeated by the planning commission, the city council, notably the resident Latino socialist, touted it as good business because, as he put it “ When people get high, they will spend money on food at surrounding restaurants!”. You couldn’t make this stuff up in your wildest dreams.