-- 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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I domt believe lightfoot, she will cave big time. Its just not in her to let math stand in the way of a socialist utopia, she’s just looking for the least politically undesireable way to pay for it. Mark my words, she will throw the taxpayers under the bus then go public saying it was only the “rich ones” that got run over. And when the civil disobedience starts, when Antifa arrives, watch the cops be ordered to stand down, emasculated. Lightfoot will use the typical formulaic response of all left wing politicians these days, she has given no reason… Read more »
No I don’t think she will cave. She is a can-kicker but even she can see that the city doesn’t have the cash. Anyway the clock is running out on the teachers who have to start living on their credit cards.
https://chicago.suntimes.com/2019/10/23/20928968/chicago-teachers-strike-missed-paychecks
Richard Epstein in an article pinned to Wirepoints has an excellent article covering the CPS strike and the GM strike. He states the the parties to these strikes will not be able to recover from the economic damage. CTU teachers should read Epstein, but they won’t as he is deemed an evil capitalist by the left (whatever he is, his grasp of law and economics is unparalleled). I have little confidence in Lightfoot, but as the Sun Times article points out, teachers will soon be in deep financial pain and those notions of social justice and reforming society will not… Read more »
The union has all but said that ‘civil disobedience’ comes next, where they begin shutting down building and streets in the loop to get the money they want. I don’t think that will be a good look for them to shut down the ability of the business community to function because they want 24% raises instead of 16%. All the suburban parents I know are watching the CTU and thanking they high heavens they don’t send their children to Chicago Public Schools.
I agree, but the union doesn’t care about how civil disobedience looks. The union mistakenly sees themselves as heroes fighting for the Common Good! The Children!! The People are with the union, or so the union thinks. Besides, laws were written by rich white men so the laws are part of the oppressive establishment and should be broken, before they are rewritten!! The union simply cannot see themselves as the greed-crazed communists they are