-- 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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Bailouts are coming no doubt about it. Whether they are long term discounted loans that are forgiven at a later date or straight up cash. Call it what you want but they are on their way.
WOW!!–If enacted, why even bother with state sovereignty. Its all out debt-don’t matter MMT socialism, the feds will solve everything….and at that point its just a matter of–WHERES MY MULTI-MILLION $ RETIREMENT DEAL MR MADIGAN???
What could go wrong!? Good grief.
The Democrats say yes! The Democrats want total government control over all human activity. No private markets, no uncontrolled transactions of any type, no private property, no independence from the government