-- 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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Lots of things don’t make sense to Groot
Me thinks Lori Bigfoot should not bite the hand that feeds her. Her and Jabba the Hut will need federal bailout dollars in a meaningful way. The longer Jabba leaves a shelter in place, the larger federal bailout the state will need. On the private side, the state does not have anywhere close to funding necessary to bail out all of these small businesses that he will have put under when it is all said and done. If the feds are smart, they should put some serious contingencies around the bail out money to be received by the states no… Read more »
The sense of optimism from the Mayor is almost…infectious.
I feel like moving back to Chicago just so I could have the satisfaction of leaving again and laughing at this city of fools as I drive away.