-- 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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If it was needed for the last 40 years it would be here by now.
If this was a moneymaker Gary, Indiana would have it now.
They will continue to push this until the investors in the land are paid off. Model it after the Mid America Airport in Belleville. It has zero scheduled service……..NONE!nothing but a gargantuan boondoggle like the McCormick Place Covid Hospital! How many millions and zero patients?