-- 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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It’s not just restaurants that will close. The landlord will have vacant stores and restaurant destinations will be shuttered along with the other retail and service businesses in the vicinity. It’s going to be very, very bad. Very brutal. I’m not trying to be hyperbolic, but this really truly is the Great Depression II that will affect all of us. It may even reduce America’s standing as a global superpower if when in 5 years from now we still have legions of semi-employed people earning a government paycheck by digging holes and filling them back in just to increase the… Read more »
Restaurants closing permanently?? Now you’ve got Jabba’s attention