-- 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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Once again, JB’s financial and business acumen come shining through.
There is a write up on this situation and Pritzker’s response over at Capitol Fax. Pretty good article all in all. For those not wanting to read it all basically Pritzker blames the situation on the Federal Reserve but most of us probably knew that already as Pritzker always finger points at others regarding his failures. The simple fact that an entity need large subsidies in and of itself shows it is a non feasible business plan but as we also know spending plans like this were made to create headlines for Pritzker. Now as this unravels will the media… Read more »
How much did Granholm and Pelosi make from this boondoggle?
Scam. Scam. Scam. Do we really think this company had honest sales projections or demand studies? Of course not. And who in the federal and state governments reviewed the likelihood of this farce ever making any profit? Probably some loyal campaign hacks who know nothing about business, EVs or income statements. They got free money from slobbering Democrat politicians who were catering to their hard left supporters when there was no real business plan or demand to support the investments made. And read the Tribune article carefully. They don’t focus on the fraud of it all, just the lay off… Read more »
When do these companies stop receiving taxpayer subsidies? If the answer is “when they turn a profit”; then, there’s no incentive to turn a profit, and the real answer would be “indefinitely.” Even our IL leaders of mismanagement wouldn’t have such a plan in place, right?