-- 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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I can vouch for that. Our order value in 2024 is down over 30%, but we anticipated this based on the economic outlook. By streamlining costs, developing innovative services, and reducing staff, we will survive this year, though we don’t expect improvement next year. Despite what politicians claimed at the DNC, regulations and taxes make doing business in Illinois more difficult and less profitable than in surrounding states.