-- 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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Years of neglect by homeowners, mortgaged to the hilt, who don’t have enough to maintain the homes they live in … no doubt with a new car or two in the driveway. Now the public will be asked to pay the plumbing bill. Probably at union scale with limited skills. This is Flint, MI all over again. And many more places to come. It’s all infrastructure, of course. The scent of other peoples’ money. And quantitative easing and inflation. With climate change dollars to dispose of the lead pipe. And new bridges just in time for clean cars that nobody… Read more »