-- 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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This was always designed to be a cash cow ripoff of the people. There aren’t even crosswalks at that intersection, so this was never “for the kids!” You do need to be careful though. There’s usually a panhandler on each corner.
The first item promoted by the red light camera providers is how much revenue will be generated. It has nothing to do with safety, it’s just about money. The politicians are mostly idiots who get immediate visions of stacks of cash they can dole out for usually useless projects.