-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Is this really a good deal for the state? Naturally, nobody in the media has looked into it. Does it include a massive give-away to Google as a form of economic development? I have my concerns but haven’t gotten my arms around it fully. Apparently, the state will get about $105 million out of the deal, comprised of $30M in cash and $75 million in the form of the deed to the building at $115 S. LaSalle. I am not sure what the true, current value of the Thompson Center is; maybe $115 is a fair price. In the past,… Read more »
So Google fixes everything? Who knew? How does Crain’s stay afloat when publishing such drivel?
Low Information Crain’s Chicago Business, Chicago Tribune, Chicago Sun-Times, Still Breathlessly Gushing Over Google’s Real Estate Dumpster Dive — A Fire-Sale Purchase Of Decrepit/Derelict State Of Illinois Building — Declaring It To Be The Rescue Of Chicago’s Alleged ‘Tech Cred’ — Even Though Chicago Has Lost More Tech Employees Than Any Other City — And A Bailout Of Failing Downtown Where Vacancy Is At All Time High – Crain’s Chicago Business, Chicago Tribune, Chicago Sun-Times — REALITY CHECK: Good Luck Getting Google Workers To Show Up For Work In The Loop — These In Demand/Highly Skilled Employees Can Work For… Read more »
Yes–almost all key political systems in Ill exhibiting total failure….and corruption (for decades)….add to that our newspapers becoming comic books—formerly the only decent oversight mechanism in the state of IL—cause our politicians do not conduct effective oversight of almost all key processes
The only thing they have really done well in the past five decades or so, is lock in massive public pensions and make them unassailable—non public union taxpayes suffer all the pain–and public unions walks with million dollar pensions, in their 50’s?
Things will change….even if it takes everyone with means leaving this state.
Um, no. It’s great news but the loop won’t turn until the bigger underlying problems are fixed.