-- 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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Newsflash- Properties in CHI are worth no where near what they are asking for them and have lost value since Lightfoot breezed into office.
A sign of what is going on to Downtown Chicago. Things more than likely will get worse, much worse. Residential properties will have to make up for all the tax losses and new spending increases. Looks like a tough decade ahead for the taxpayer. Many large (and small) businesses are finding a new home in other more business friendly states. When the leases are up there will be many more vacancies in the downtown area.