-- 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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“By signing a PLA, it benefits my sisters and brothers in labor, our community and you the developer,” Tell me alderman Gardiner how does it benefit the developer? What if the developer needs to change something will that PLA allow for that, my guess is it will cost the developer. Perfect example of why alderman shouldn’t have “aldermanic privilege” when it come to zoning. I think Truth In Cook County hit the nail on the head.
Gotz should walk away from the deal. It appears Gardener is shaking down the developer, and is likely just looking to wet his beak with union campaign contributions. Costs of these projects are way too high in the city, which is one of the reasons for the general neighborhood decline and population loss that is occurring. Sell the lot to someone who would develop a project for the economic migrants.