-- 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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Chicago is exactly how its residents want it! Black, white, hispanic neighborhoods voted 97%+ for Kim Foxx because the white former Democrat running as a Republican was racists or something. Residents want disinvestment at the expense of white areas, even if it doesn’t result in BIPOC areas flourishing. Ask residents – they love Chicago! The only identity groups complaining about Chicago are Suzie suburbanite and the rich white property owners. 80%+ of CHICAGO DOESN’T CARE WHAT SUZIE OR HER BUSINESSMAN HUSBAND THINK. 80%+ else thinks the purposeful destruction is progress! Remember the mostly peaceful protests! Everyone, and I mean everyone,… Read more »
Unfortunately, chicago elected an angry, inept, finger pointing political buffoon to the difficult and challenging job of mayor.. Every problem in this article is connected in some manner or fashion to the failed lawyer who is now masquerading as a mayor. Change at the top by anyone who is even marginally competent would do a great deal to move the city back to the track of safety and civility. Until that happens the city will continue on its accelerating slide downward to the insanity of San Francisco combined with the destruction of Detroit.
For many years Chicago had a relatively high-service low-tax government that kept The Party in power and the citizens happy. So much so that the opposing party withered away to nothing over time. For awhile this happy state of affairs was sustained by the hard work and productivity of the city’s taxpayers. When prosperity waned for the average Joe and Jane after the reign of Richard I, high-service low-tax government was achieved by putting expenses on the cuff. Borrowing to pay what bills couldn’t be put off. Sometimes the borrowing was above-board with bonds and bank loans, sometimes the borrowing… Read more »
High service low tax?
Just asking was the low taxes the results of underfunding the pensions?
Professional Blowhard! Former Chief of Staff for Pat Quinn; a bungler before his time!
Chicago is a sinking ship! Keep voting democrat fools!
….where have our private sector leaders been for the past few decades?….guess they did not care cause they could hire a connected law firm and quickly get their commercial property taxes reduced, ….while non-public union taxpayers, especially suburban taxpayers, were (and continue to be) served up as tasty morsels for the combine…
Hold on a second, I thought JB said Illinois is where businesses want to be. Now your telling me the largest city in the state is taxing them right out the door, and stealing their car and shooting at them on the way out? Interesting.
Jack has the answer. Move taxes to someone else. What a complete joke this guy is. He’s a business guy? When no one buys your product because it is too expensive you don’t shift the costs. You look at what is driving the costs and you bring them down. You minimize costs which includes people, you make production more efficient, you fire suppliers and find lower cost providers. You reengineer to innovate and lower costs. I wouldn’t hire this guy to load trucks…
Hey Jack. Let me guess…you have a subscription to the anti-business business magazine called Crains. Cancel it and you’ll be one step closer to a solution.