-- 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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How can this be? I thought all businesses and people across the globe were clamoring to come to Illinois! JB told me so.
This wasn’t in IL and it wasn’t in Michigan either. This GM/Samsung plant will be located 5 miles south of the Michigan border. GM building plants in Indiana? How can this happen? Oh, that’s right, Michigan legislators voted in March to repeal its right to work laws, the first time anyone has done this in decades. Boo-Hoo Gretchen, you’re gonna swirl your state down the toilet again. Too bad, SO SAD! https://www.pbs.org/newshour/politics/michigan-becomes-1st-state-in-decades-to-repeal-right-to-work-law Michigan becomes 1st state in decades to repeal ‘right-to-work’ law Mar 24, 2023 4:51 PM EDT LANSING, Mich. (AP) — Michigan, long known as a mainstay of organized… Read more »
“union membership reaching an all-time low last year.”
And a direct result, GM is going to build a high-tech, non-union plant 5 miles south of the Michigan border. Couldn’t have happened to better people!
How exactly will this new GM plant in IN increase union membership in Michigan? that’s right Gretchen, IT WON’T!
It’s too early to say the plant in Indiana will be non-union. The UAW will be negotiating contracts with all of the Detriot 3 at the same time this fall when the current contract expires. Uaually the UAW picks out one of the Detroit 3 for negotiations, in 2019 it was GM, and hammers out a contract then then other 2 agree to the terms. But things are much different in the auto industry than they were 4 years ago. There is new leadership at the UAW and they pledge to be more agressive with this upcoming negotiation. The industry… Read more »
I’m sure the tipping point was Pritzker and the Democrats ‘balanced’ budget which did nothing to address all the pension debt or control new, unpaid for, spending. GM has been around the block a few times.
Wow! This is a big deal that will definitely help the local populace and state. Congratulations to Indiana. Illinois never had a chance.
Congratulations to Indiana and the residents who will get the good paying careers. The state and policies are business friendly. Illinois didnt stand a chance, so I am glad our midwest neighbor landed this whale.
Ooooooh, poor JB!!! Did Indiana need a $400 mil taxpayer funded ‘closing deal’ fund to land GM/Samsung??