-- 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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The +$200K/year Union leadership vermin are facing decreasing membership and frantically want to recover thier union dues. When unions provide real value for their members then they can thrive but when they are simply parasitic leeches they struggle. This is a desparate attempt to force everyone into unions so that the union fat cats can keep their absurd paychecks and not have to do anything in exchange.
California is not a state to use as a model for anything, except in a Jim Cramer sense. That is do the opposite of what they do. Not Illinois’ imbecilic political class, these knuckleheads are the new ‘Me too!’ when it comes to disastrous policy ideas from other failing states.
Alas, we have an unaccomplished trust fund brat ruining Illinois. JB the Hutt, who has employed no one and never run a business, will impose more job killing ideas that will serve as more fodder in the affirmative for those contemplating a move out of the insane State of Illinois.