-- 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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Chicago continues to experience degrowth as the pipeline of ‘normal’ Big 10 graduates dries up. As a result, hiring for big companies turns into layoffs as there’s no one left to hire. My spouse’s firm in the past three years has twice had to hire from out of state because they get too few qualified instate applications. This is NOT a remote job either. Both employees expressed concerned about moving to Chicago because it’s so dangerous, and one expressed concern at the politics being a white middle aged male. One of the employees lives out of state but flies in… Read more »