-- 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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Some state and local aid will end up in the final deal, but Joe is going to need 60 votes in the Senate to pass a $1.9T in stimulus. There won’t be support for $350B to state and local goverment. Anything is more than Illinois deserves however.
Biden is going to have a tough go at 1.9t, especially $15hr, and 350 billion in state and local aid there are democrats and republicans that will not approve the full measure. And Illinois doesn’t deserve 1 red cent.
So how does a federal taxpayer bailout for Illinois end the pandemic? Or, is that what Pritzker’s illegal antics the last 9 months were really about?
Nail. Hit. On. Head.
The increased child tax credit is helpful. We are in the middle of a baby bust right now, a really bad one actually, that will effect the economy and future of the country for generations. Anything they can do to encourage middle class parents in red states to pump out conservative babies is a good thing and giving parents $3k per kid instead of $2k is helpful.
It is amazing how the first thought on the promise of new money is to spent it on new benefits. You cannot spend your way out of debt. Anyone who has fought the struggle to pay down a credit card knows this. The governments at all levels ignore it.
So our Governor gets his bail out.
To serve the needs of:
Nothing for the decimated private sector.
“You don’t have things unless you have a pretty large private enterprise sector“
Margaret Thatcher.
Our taxes will still go up regardless.
Swell….