-- 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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94,000+ students enrolled in college and many of them will be getting their dream degree in music appreciation or dance or unicorn studies while racking up 10’s of thousands in tuition debt. I imagine that in the back of their heads they are hoping for debt forgiveness and for working taxpayers to foot the bill.
Sadly, they don’t even understand that these degrees are useless. Instead, they think it is a “systemic” problem that our economy does not sufficiently value a degree in unicorn studies.