-- 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’s an epic flimflam of hold my beer proportion. If water in his shoes Daly could rob the city, watch this!
There’s no argument that the parking meter deal was shockingly horrid for taxpayers and I’m sure the casino will be a financial nightmare too. However, each time he used the cringe inducing word “alderperson” his credibility took a dive.
The parking meter deal was bad primarily because Daley spent all the proceeds upfront instead of investing the entire amount and using a portion the yearly interest proceeds to fund operations. The other reason the deal looks much worse now is that parking meter rates are much higher than they were prior to the deal.
https://newsblogs.chicagotribune.com/clout_st/2008/12/aldermen-deba-1.html
Unbelievably bad deal, grossly negligent whoever advised the city. By selling the parking meters you’re essentially selling an income stream. Why wouldn’t the city raise the rates before they sold the meters. Higher rates = higher income stream = higher sale price. Anybody that has ever bought or sold an apartment knows this.
If there is one thing I know, it’s that Chicago politicians will find a way to mess this up in ways you never thought possible!
Casino will bring River North traffic to a screeching halt