-- 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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Unfortunately most US casinos, aside from Las Vegas, don’t see “Casino Royale” fancy-pants crowd of elegantly-clad chic high-rollers flying in for a weekend of baccarrat and roulette, or even high-stakes poker. Here in Michigan City or Aurora, it’s the mundane folks who shouldn’t be encouraged to fritter to gamble their already limited monthly cash-flow. Nope, here, it’s mostly bussed-in slot-machine patrons, little old ladies in tennis shoes, old folks playing with their SS dollars, plus some guys playing poker. Plus, Chicago’s area casinos have already saturated “petty gambler” market, with Rosemont/DesPlaines casino having cannibalized the other older casinos for regulars.… Read more »
I made the mistake of visiting Rivers on a Saturday night a few years back and it was a sight for sore eyes. The place was packed full of patrons none of whom outwardly looked like they should have been gambling away their social security, disability checks, or meager future inheritance. The table minimums on a weekend were high, IIRC $50 or $100 a hand for black jack or something, and the tables were full of overweight patrons who couldn’t barely fit on the parlor stools. There was no excitement, no action, no entertainment, just fat poor and old people… Read more »
Almost every gambling winner today is bound to be a net loser a short time later. A significant win only creates an addiction or fuels one already present.
Agreed- If you notice the commercials on TV show the few smiling happy winners having a great time but never show the losers and what happens to them when they lose the rent/grocery/mortgage money. Probably not smiling. Here in Rockford the temporary casino at the former Giovanni’s is packed but nothing is said about if the taxes collected will lower property tax.
We’ve all known people who play the lotteries, ponies and/or go to the casinos for fun. Great if done with a consistently responsibly limit budget, but a small fun-budget can soon turn-out to be a life-necessities robbing bigger budget and often does. Why do so many retired people in particular go through that stress without realizing the almost-always negative outcome facing them soon enough. The mathematics of it are always stacked against the customer placing the bets. There is no free lunch in life!
Something tells me we’ll still be talking about the pending Chicago Casino in the year 2050. The idiots running Chicago will never figure it out.
Hey Lori ya fckn dunce! What are people expected to gamble with ? Good intentions? Your pal Brandon is devouring all your casino income. People need to buy gasoline and groceries. Of course they could blow it at the casino and the family can eat at schools. Are you planning on serving skittles and cheese wiz? Maybe the pregnant women can cut down on cigars and cognac.