-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
I don’t have strong feelings either way about legalizing weed. However, I think it’s pathetic that financially-challenged IL pols are legalizing things like weed and casinos to generate tax revenue to combat the unfunded liabilities problem instead of understanding that the only way to solve the problem is to reduce salaries, pensions, and health care benefits. I guess legalizing prostitution will be up next.
It is unlikely that the legal weed market will put a dent into the illegal weed market. In fact, it might make it easier to buy as drug dealers are less fearful of getting caught. It’s still gonna cost $20 a gram ($70-$80 for an eighth of an ounce) which is going to be pretty expensive. I have a feeling that cannabis in Illinois is going to be a bit of a bust. The tourists and out of staters buying dope will be a really small part of the market especially since it’s been legal for a long time now… Read more »
Put Cheech and Chong in charge then everything will be “Up in Smoke”
The titanic is just about to sink in Illinois.
The titanic is about to sink in Illinois.