-- 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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Tiny violins. He wanted to be governor.
When the EU, which is a consortium of countries under one currency similar to each individual state under the US dollar in the United States, bailed out the PIIGS (Portugal, Italy, Ireland, Greece and Spain) they put the countries on a new fiscal path with reform including spending cuts and in some cases higher taxes. I don’t see why the U.S. would treat the PIIGS equivalent of states any different. Spending reforms are a condition of any bailout. Much like Greece though, I doubt there will be the political will to inact but Greece now has lower borrowing costs than… Read more »
How about “Filthy Swine”?