-- Connecting the dots between our economy, government and business --
“For a long time, maybe people didn’t realize the importance of the port, the impact that we have because we bring all of the commodities — steel, iron, concrete, sand — all those things we need to build the infrastructure that we talk about,” said Erik Varela, executive director of the Illinois International Port District. “If the port were to go away or not be invested in, you have to imagine that those commodities are going to go elsewhere, those jobs and those things will go there.”
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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Let’s hope our public officials are smart enough to do what it takes to keep the Port going strong. It is an incredible asset for Chicago and the whole state for all manner of products going in and out.
“Port District Board chair Ivan Solis lived just a few blocks away from the port as a teenager. He said growing up, he was aware of the port’s existence, but did not necessarily understand what happened there.”
So, I’m not the only one who has been aware of their existence but not clear on what business still goes on there.