-- 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
The O’HareHilton is a major dump. I’d prefer a Ramada Inn. Or something on Mannheim.
It can get worse. Detroit sold homes for a dollar a while back……
If you inflation adjust the money, the loss is much, much worse. Everyone in Illinois is losing money on property. The greedy state and counties are taxing away your equity. Only one way to avoid it is to leave.
That’s what you get for investing in Chicago. At least he can take a huge deduction on his unrealized loss