-- 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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I’ve always believed that lifeblood of Chicago is the pipeline of Big 10 grads (and other selective colleges) to corporate jobs in Chicago. These residents fill the office towers downtown, they frequent the restaurants, they pay nearly all of the taxes, they make the civic donations and they commit to raising their family in Illinois. They create the jobs that hire the locals. Chicago cannot sustain itself at its current level without this pipeline. This is what makes Chicago the capital of the midwest. Chicago will still exist without this pipeline, but it’s Chicago, and other cities will benefit from… Read more »
The Public Unions have put the Chitty on a path of destruction. No looking back now, disaster is cast in stone.
Illinois Dems and Public Unions have put the Chitty on a path of fiscal destruction.