-- 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
I would agree, however, one would’ve expected voters to vote in their own self interest and not elect Johnson…. Sadly many of the execs who reside in Chicago seem more interested in virtue signaling than the do in the safety of themselves, their families, and their employees…. Rational is not the election of “3 year holiday from payments” BJ….
McGinnis needs to get out of Chicago more often – his analysis is pure pablum. Chicago is a Leftist progressive sinkhole, with zero national implications – that’s it.
Every pundit and anon has an opinion, but nearly all of them over-complicate things. The reason Johnson won is quite simple: Soft on Crime policies are wildly popular in high crime communities. Ward maps show that high crime (and very progressive) communities voted overwhelmingly and decisively for Johnson and lower crime communities voted overwhelmingly and decisively for Vallas. Who would have thunk that promising Get out of Jail Free Cards to high crime areas would be so successful!
https://blockclubchicago.org/2023/04/05/map-heres-how-your-neighborhood-voted-in-the-2023-chicago-mayoral-election-2/
Curley effect
Let me finish it for you. …and commercial real estate in dire straits.
Investing in a private business in the Chitty or the State is a complete waste of money and time. If you want to get rich in Illinois go to work for the government.