-- 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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Dem politicians hate to lay off public employees who are providers of reelection votes, and reliable sources of campaign contributions. The return favors will disappear as along with the employees’ excessive compensation and benefits. So, the layoffs are a double-edged sword. Mutual extortion becomes mutual destruction. So sad for all concerned.
Dems doing what Dems do best.
LA has the distinction of the second worst mayor in the US. While her understaffed, underfunded DEI FD was battling a predicted wildfire, she was dancing and partying it up in Africa. Its also recently come to light that she funded several million of the taxpayers dollars to a “preventative crime group “ for youths that was actually another social services front for thugs run by a well known Crips overlord.