-- 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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As a rule of thumb, expect IL and Chicago budget estimates of major projects to be 100 to 1,000 percent low. If the final cost of a such a major project is only twice as much as initially estimated, that would be what we call a good estimate.
Sanctuary State + Sanctuary City = Sanctuary Shit Show
When the long depression hits and state revenue drops, and native unemployment reaches 10%, these ‘migrants’ are going to be very unwelcome.
They are not welcome NOW.