-- 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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Terrible policies lead to terrible outcomes. Illinois is anti business, and the Happy Warrior has to pay bigly for any significant business to select Illinois for expansion. Not to mention, he has an affinity for “green” startups that don’t last long, much less grow. He now faces a new President that he chooses to antagonize, which will do him no favors. It isn’t going to be pretty going forward.
Happy Warrior, like any Dem worth his salt, doesn’t pay for anything and instead sticks those that can’t slide out the side door, in his case the taxpayers, with the bill.