-- 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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It won’t result in more taxes for the residents of CHICAGO. It will result in more taxes for the residents of ILLINOIS!
As has been obvious from the start, there is no money for this. The infrastructure changes required are just too expensive for a broke city and state. And this plan doesn’t even have enough money for the stadium alone. Just another puff of smoke from the Bears. Let’s not forget their failed plans for the West Side, Arlington Heights, Gary, DuPage County and their earlier domed idea for Soldier Field. They once again can’t get their act together either on or off the field.