-- 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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And I thought they were DUMB, guess not. Smart college kids never come back to Illinois. Lots of places to live without Crime, High taxes and cold weather. Texas and Florida are growing and offers lots of opportunities for the young. NO STATE INCOME TAXES over a lifetime add up to the price of a house.
Chicago has a lot of high paying jobs with large companies and prestigious professional businesses. Jobs that are nowhere near as plentiful in FL or TX. Big Ten grads used to see Chicago as a good place to work and live. Nowadays, not so much, especially for non-adherents to the Progressive Religion. Its only a matter of time before the the professional corporations and Fortune 500 companies struggle to find talent in Chicago – because the politics scare away over half of potential job seekers – that they move elsewhere.
They are your profit centers: young professionals, mostly single or married w/o school-aged kids. Chicago balanced its books on this demographic for decades. If Chad and Trixie go, so goes the city.
If there’s one thing millennials know how to do, it’s when to leave a place that has no future.