-- 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 ILSC performed the most tortured and disingenuous reading of the state’s constitution, where ‘surety’ doesn’t mean bail and ‘amount’ doesn’t mean money. For over 1,000 years, even before the Conqueror made his mark on the Anglo-Saxon common law, surety meant pledged property because ‘cash’ was not readily available, or only in the form of silver or gold, usually in the form of jewelry or ornaments, but has evolved in a fiat financial system to mean ‘cash’. The ILSC figuratively urinated on the Illinois Constitution by suggesting that they would be reading ‘cash’ bail into the constitution. Seriously, few actually… Read more »
Rich Miller is rump ranger for the democrats
“…a dysfunctional and unfeared minority party,”
Yep, that’s the Republican Party in Illinois – no doubt about it.
All 5 Democrats on the IL Supreme Court are Pritzker’s bought and paid for stooges.