-- 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 “castle” metaphor is almost right but with one correction: With Welsh Bowmen the rioting and looting would end. They were longbows with armor piercing arrows. Shoot to kill is the only thing that deters rioters.
Replace the water in the sprinkler systems with boiling oil. Piranhas in the Chicago river when bridges are up. Electric fences would help like the one in Jurassic Park. Also large buckets of hot tar on top of buildings. You can never be over prepared.