-- 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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this is a belly busting laugh of a read
Yes, truly astonishing. Do you think she really believes that? Does she know and expect everybody else to? Either way, jeez, not sure what to say.
I just read the following in WSJ … Companies Hit Hard by Coronavirus Look to Cut 401(k) Contributions
Macy’s, Marriott International, La-Z-Boy, and Sabre Corp. are among the first in an expected wave of companies looking to save cash by suspending, delaying or reducing contributions to employees’ 401(k)s.
jobs and 401Ks getting cut in private sector, but our government overloads and retirees have not a thing to worry about!
Her statistics are just meaningless. Who cares about her 13 percent blather. You dont need a computer program to figure out what the loss is if the hotel tax drops to close to zero; the liquor tax drops precipitously; entertainment tax drops to zero; the City share of retail sales tax falls off the cliff; parking tax drops like a rock., and on and on. The city Finance Dept must have those projections and she is keeping everyone in the dark. Maybe Pelosi is telling her the feds will bail Chicago out.
Let me guess: her Finance Department is using ‘models’ for future revenue projection! That’s all rage these days, use models with absurd inputs and outputs, instead of taking an educated case based on the available evidence.
Finally, she’s starting to talk like a politician! Of course there will be layoffs, but she can’t say that! Two months ago she would have hedged it as “It’s something we may need to look into…” Today she’s just lying to your face.