-- 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 the city & state “city of big shoulders” now the “city of the $$BIG$$ lawsuit” the obvious answer is—tax the lawsuit settlements & ITLA, if you want to settle your national cases is super lawsuit friendly/ judicial hell hole CC then you gotta pay$$$$$…..it’s are #1 industry!!!
The meat of the article was buried about halfway into it, when it described the process of using shell bills to ram through legislation. Gut and replace entire language in a bill that has already been approved through 2/3 of the process? How is this even legal? Must be those bad voters up to their usual tricks.
Pretty sure that this is unconstitutional and just another clownish ‘law’ that Kwaumie will waste millions trying to defend. Legal jurisdiction isn’t a willy nillly thing that can be claimed by any state.