-- 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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Funny how they’re not demanding more staffing, support, etc. for the several hundred Ukrainian students who have fled the war to Chicago with their families and have also enrolled at CPS. No money, no active recruitment of bilingual support staff (my Polish only goes so far), nooooo trauma/mental health support (I’d venture to say these kids need it). Hmmmm… wonder what the reason could be….
Folks, you’re witnessing the end of the Republic with this one. Also, the 2nd whiff of hyperflation and the eventual reduction of the dollar to scrap paper.