-- 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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Congratulations to Wirepoints, the IMA and Ken Griffin for killing this dumb Pritzker idea. The carnage in the hotel, restaurant, tourism, convention and retail businesses in Illinois is already tragic enough. .Passage of this tax proposal would have only made the collapse worse.
Thank you for educating Illinois voters, Ken Griffin. To ask for a major tax increase without a good faith effort to cut spending is putting the cart before the horse. And could someone tell me why an effort to cut spending should not include a proposed constitutional amendment addressing pensions and the ridiculous 3% cola? The Chicago / Illinois media was no help to the citizens on these topics. There is so much waste in this state, but they never tried to find any of it. Still missing Bill, Walter or any reporter that has the brains to cover this… Read more »
Reporters? You mean stenographers.
Cheerleaders
“The strong performance of Senate Republican candidates nationwide also means that a federal bailout aimed at propping up unsustainable state budgets is unlikely.” You sure about that? McConnell is already changing his tune. He plans on taking up the stimulus bill on Monday as their first order of business. During the briefing on Wednesday, McConnell also said that there is a “possibility” that the federal government will provide more aid to state and local governments—that would be a huge departure from his previous opposition to that aspect of every Democratic proposal since March. https://www.forbes.com/sites/sarahhansen/2020/11/04/mcconnell-changes-his-tune-on-stimulus-we-need-to-do-it-before-the-end-of-the-year/?sh=11d8c6146e41 I don’t think the bailout will… Read more »
I suspect that Mitch may be leading with one eye on the Georgia Senate runoff (runoffs?), and want to blunt any narrative that Republicans are uncaring. He’ll need to keep at least one of those seats red.