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.
Open up. That’s how to fix it. Do not bail out state and local governments. Force them to cut. The US is going to create a debt problem that is unsolvable if they continue to follow the Keynsians and the bad shut down policy. See Bitcoin price. It’s the new safe haven. Not gold.