-- 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 only restaurants that won’t fail are corporate fast food places with drive up windows. Same as everything else, my private business optometrist is going belly up, yet the optometrist at WalMart is allowed to thrive. Governor Fred Flntstone sure hates small business. Letting big corporate places to stay open but threaten small places with loss of license for opening. A good lawyer would see that as a slam dunk in court.
I believe nationally unemployment by sector in resturant-hospitality industry is 40% (sure it would be much higher just for restaurants), while government is 4%, but in illinois gov unemployment is ZERO if your state/ city/ county–zero risk, zero sacrifice. Only beyond bankrupt municipalities like sw burbs are laying off/ furloughing…. l tried to google around and find unemployment rates for gov workers & all sectors for illinois and cant find any breakdown only national figures. Would seem digging up official unemployment rate amongst illinois gov workers would be #1 priority for wp, ipi, etc
Kiss Chicago good bye, they are going the way of Detroit soon.
Bankrupt is their goal, the virus just made it happen sooner rather than later.
But the good news is the cops, teachers and firemen will still get paid everything.
Lots of them will be retiring and moving to Florida and buying luxury homes and cars.
Thanks all of you sucker honest hard working taxpayers of Chicago. The next drink is on you.
Unfortunately the city of Chicago cannot file for bankruptcy as that is illegal in the State of Illinois.
The city can still be insolvent without filing bankruptcy. They can just avoid creditors.
Jeff Skilling went to prison for a good long stretch for doing to Enron’s retirees what Daley, Emanuel and RINO Republicans did to to the government pensions in Illinois. Keep in mind that the reason that those pensions exist is because government employees were excluded from social security.
The only Curve the Democratic Party wants to Flatten is the Middle Class.
It’s time for Sam Toia to get the restaurant owners together and start openly protesting this phony crisis. If they don’t they are finished. I know that I will attend any protests that they want to put together and I will try and talk anyone else that I can into going too. With everybody out of of work I bet that we actually can put together a real “Million Man March”.
This needs to happen now–this week!!