-- Connecting the dots between our economy, government and business --
Chemical maker Ineos has laid off 49 workers at its facility near Joliet. The company said it is shutting down a plant that makes a curing agent for epoxy, resins, paints and other products following “a lengthy unplanned shutdown imposed by our utilities’ contractor, combined with significant uncertainty in the market upon restart.”
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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