-- 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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Oh, oh my Mr Mayor. If true it does appear you are personally responsible.
It is amazing how short peoples’ memories are. Mike McCaskey thought he had a deal worked out in Gary until Rich Daley told him he should check the construction schedule on the Skyway. Rich assured him the Skyway would be closed for construction every Sunday in the fall. Whoops– no way to get there from Illinois without the Skyway.
If the Bears leave Chicago – and it’s not out of the realm of possibilities given the hemming and hawing the owners are doing right now about the new stadium – they’ll move to a SunBelt state so George McCasky can retire in a no income state. There’s a number of markets that really want a football team – Orlando, Austin, San Antonio, Louisville, even St. Louis is begging for a team back….