-- 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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An aldermanic discussion is as follows. “Any of you have a way to destroy more neighborhoods in the city?”
“Yeah, I got an idea.”
These alder people want anti-gentrification in low-income neighborhoods but low rent in high-income neighborhoods.
It is ironic that they go crazy when developers build expensive housing in cheap neighborhoods but demand they build cheap housing in expensive neighborhoods.