-- 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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“the impact of Illinois’ new $45 billion capital bill will generate others”
Who knew that to create jobs, all you had to do is spend $45 billion? We should’ve thought of that earlier.
Let’s spend $90 billion and create twice as many jobs!
But on the bright side the people that do have jobs will be making $15/hour in a few years……………………………unless they’re replaced by technology.
If population is declining, isn’t it common sense that job growth would be similar?