-- 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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I’m thinking that “the historical divergence between Illinois and U.S. job growth will widen” is a very safe bet.
The 13 page May 27, 2020 report titled, “Economic impacts of the COVID-19 pandemic:
State perspectives” from the IGPA Economic and Fiscal Health Impact Group, and a news release about the report, is on the IGPA COVID-19 Pandemic Task Force website.
https://files.elfsight.com/storage/e79b15a2-1214-4a1e-929f-be90aa84b052/81515d8e-1458-4cad-a659-86d170d20404.pdf
https://emails.uofi.uillinois.edu/newsletter/9851249.html
https://igpa.uillinois.edu/page/igpa-covid-19-pandemic-task-force#section-0
But the Illinois General Assembly passed a “balanced” “budget” per the state constitutional requirement.
Which is the financial equivalent of used toilet paper in a disconnected toilet.
It’s filled with crap and you can’t flush it down the toilet, which is where it should go.
Unless YOU had your toilets disconnected and don’t know how to reconnect them. HaHa. The irony!