-- 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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I remember well the orange cloud that occasionally floated above U.S. Steel.
If you protest loudly and demandingly enough, the folks with the opportunities give up and go home – and the south side is stuck again with more empty lots and rusting reminders of what used to be.
See Zimbabwe: Look at this nice place we destroyed. What can we wreck next?