-- 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 Illinois government –despite everything–are still receiving paychecks. Of course they do not want to go into session. They will blindly follow the Thug. But then the Thug follows what Cuomo or the dumb governor of Michigan are doing.
I don’t know where the state is getting the money to pay employees. The state is basically paycheck to paycheck and takes car title or payday loans to bridge the difference (and spend more than it takes in). A week or two ago it tried to borrow and the interest rates were too high.
Monkey see monkey do
The intensity of this push is still about a .2 out of 10. A few people have said they disagreed. The rest of the government apparatus is barely working (or not at all) and is very pleased that Jabba is “keeping us safe”. The Democrat legislature hasn’t done anything at all to push back on this at all.
Notice how we haven’t heard from Boss Mike since this all started. I’m guessing he’s lying low and hoping the feds forget about him.
It is a little weird that he’s only put out one statement from his office, otherwise, he’s been MIA.