-- 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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Durbin, like Biden, is a stone cold idiot. There is absolutely no presidential authority to transfer debt from students to the rest of the tax paying population! Why do Leftists feel they can just make it up as they please? Is it because democrat voters are too simple to know what is the law or what is allowed by the Constitution?
“Why do Leftists feel they can just make it up as they please?” Leftism didn’t really exist at the time of the constitution, but our founders recognized tyranny could come in any form. They modeled a government to protect the people from tyranny, even if they themselves voted for said tyranny. Leftists today are the same as the authoritarian tyrants and kings of the past. They will always ignore the constitution, which is why we have checks and balances and different branches of government, with the hope that at least one branch will remain sane. And right now we have… Read more »
Pelosi disagrees:
=Pelosi during a 2021 press conference, the Court’s majority opinion wrote, “People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress.”=
Do Nothing Durbin with his standard worthless take on an issue. Seriously, when does this guy go away? A lifelong political hack with zero legacy other than wasting the money of hardworking Americans. Get out of the way Dick, there’s work to be done and you don’t have a clue how to do it!
He is entrenched like a bug in a rug!
Durbin has never disagreed with any law or program to spend more tax dollars. Durbin is a disgrace and has been for the almost 40yrs he has been sucking up tax dollars as a Senator. Useless twit.
Don’t forget his waste of space colleague, Tammy Duckworth. Being a disabled veteran doesn’t make you a competent legislator. She’s living proof.
Joe Biden attempted, without congressional approval, to give away $400,000,000,000 in debt forgiveness to young Democrat voters using a 20 year old law, the HEROES Act, passed after 9/11 to protect government borrowers in the case of terrorism, war or national emergency. Anyone with common sense sees that this is the stupidest, and most dubious, use of constitutional legal power, right up there with another Democrat – FDR – putting Japanese in internment camps during WW2. The outrage and pearl clutching is here is so fake and annoying. OF COURSE Joe Biden can’t single-handedly forgive $400 Billion Dollars of his… Read more »
One question. All these prestigious schools have billions in endowments. Why aren’t they underwriting loans for their students rather than the government and the taxpayer? Maybe the schools would think twice about giving loans for degrees that have no payoff in the real world.
Good Question! They only have about $841B so a Go Fund Me collection should be started.
https://en.wikipedia.org/wiki/List_of_colleges_and_universities_in_the_United_States_by_endowment
Because student loans are a terrible investment. No sane institution would lend hundreds of thousands of dollars to an unemployed 18 year old without the federal guarantee guaranteeing repayment upon default. Keep in mind, that when Trump suspended student loan payment, virtually everyone initially stopped making payments, some outside sources said it estimated that 98.7% of borrowers initially stopped making payments, and 82% of borrowers made no payments at all during the forbearance. Which is insane because interest was paused, so all payments went to directly principal for three years; and in the past three years, 82% of borrowers didn’t… Read more »
It was a gamble and the vast majority decided not to take advantage of the interest holiday, instead they rolled the dice hoping for expungement of their debt.
Smart ones banked their payments and can make a huge pay down, but WSIT! Biden plans to find a workaround … what could go wrong with that?