-- 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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The most obvious question is: How exactly does a recovery happen?
—existing companies, now downsizing, need to reverse course and lease larger space
—new firms need to move to Chicago and ink 5-10 year deals for currently vacant space
—commuters need to return downtown 4-5 days a week instead of the 1-2 days a week now
—downtown commuters needs to start eating meals and shopping again downtown instead of going to Oak Brook mall
I just don’t see any of this happening, anytime soon.