-- 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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Have an event that attracts thousands of unsuspecting tourists, the result will be predictable. Criminals will be drawn to the event like flies to you know what.
$113 million is a lot of money– if it is real. Maybe an independent study should have been done– not one paid for by the promoters of the race. Giddyap’s comment below is correct. And don’t forget, these are the same sharp business folks who duped the City into accepting a paltry $500k for the right to put on the race. Lori was so anxious to get some good headlines that she got hosed. It will be fascinating to see what happens to this event when she loses here race and a new mayor inherits the contract.
In the near future I expect to see a car race of sorts to see who can drive out of Chicago, Cook County and the State of Illinois the fastest.
Please leave any Democratic Party voting habits behind or you’ll foul your new nest too.
As most economists will tell you, these booster predictions of an economic windfall from a sporting event are pure puffery and fraud
https://www.ajc.com/news/atlanta-news/economists-financial-impact-of-sporting-events-including-mlbs-all-star-game-often-overstated/7FFKEVMYEBBC3MPUFPLEXFFZDY/