-- 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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Croke’s youth and lack of experience is telling.
FDIC coverage for crypto? Don’t quite understand how that would work, the FDIC insuring the value of crypto.
Lol. Not gonna happen. $.035 per kWh in nebraska.
This seems like a perfect metaphor for IL – a worthless currency with artificial supply constraints and $0 intrinsic value!
“The bill passed unanimously through the Illinois House in April and will be up for vote in the Senate as soon as mid-October. ”
Remember what I said, the IL Democrats have an open agreement to pass each other’s bills no matter how whacky or crazy.
Disagree. Intrinsic value of fiat currency, printed at political will of corrupt rulers can be called worthless. You should do a little more research on the large topic of altcoins (which facilitate projects of decentralized control, thus known as drivers of “anti-corruption”). Crypto was created as a response to 2007-2011 government bailouts which enriched a few corrupt insiders (allowed in the room where it happens) at the expense of the many outsiders (taxpayers who never got a shot at competitive bidding for (collateralized debt) assets undervalued and overleveraged when the gavel banged…and then handed the bill for these anal fistings… Read more »