-- 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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Real life finances: be irresponsible, get a bailout
Spot on Stu. The Supreme Court is hearing arguments today on the constitutionality of Bidens bailout of student loans.
Probably have Ralphie Martire from CTBA/ mighty Roosevelt Univ econ dept design the class…make sure the kiddies understand that debt, accruals, compound interest, responsibility, etc are economics for idiots in the Illinois world of where’s mine/ gov cash accounting/ retire at 55 zero risk guaranteed multi-millionaire deal for me at the expense of thee reality.
This is easy, live in Illinois and just sign the back of your check and give it to the State. They want it ALL. “Pay more get less” is the new Illinois motto.