-- 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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Take a drive around the north and northwest suburbs like I did several weeks ago. It seems that every office building has a ‘Space Available’ sign in front and half of all buildings have a “For Sale”. The North and Northwest suburban markets have eye-poping vacancy rates that are not getting better, and only seem to be getting worse. Higher taxes aren’t going to put more businesses in the buildings – its only going to drive businesses into the surrounding counties or even out of IL entirely. But that is the goal. That’s what Equity means. Everywhere can look as… Read more »