-- 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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IIRC most decent insurers already provide coverage for pedestrians hit by uninsured drivers. It’s the only the substandards, SR-22, and LOW COST insurance for illegal immigrants that don’t provide this kind of coverage. This will certainly make LOW COST insurance even more expensive and result in fewer insured drivers on the road. Car insurance costs throughout the country are skyrocketing, IL was up 16% just last year due to inflation, high cost of vehicle repairs and skyrocketing medical bills.