-- 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 state has gone full on communist…..
Aren’t leases and mortgages contracts? I thought the Dems position is that contracts can’t be changed.
Fir every rent payment cancelled there is a landlord being hurt…
Why 180 days? Why not 360 days? Why not 180 years? Why not eliminate all taxes and fees for 180 days?
look at these morons, attempting to solve a problem they once again created… oops, sorry we created 25% unemployment in two months… whoops! Uh… lets try and fix that with another stupid program!
This is illegal and won’t survive a court challenge. More pointless virtue signalling from socialist dunderheads.
Don’t be too harsh, they totally play-tested this in Monopoly before proposing it.
The problem with bills like this is the same problem with the bailout bills of 2008: moral hazard. Just as bailing out banks caused them to again lend too much money to marginal borrowers, a rent jubilee only encourages renters not to save for a rainy day. Aesop told a fable literally thousands of years ago about the ant and the grasshopper. You must work all summer to save for winter. And the problem is that too many renters spent their money all summer, and now that winter is here, they can’t pay rent. I get what being poor is… Read more »