-- 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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That $40M will make 750 beds, many that are already existing, “permanent beds.” That’s $53K per bed. This spending is just about as outrageous as the construction spending per unit for affordable housing. Maybe they should ask HGTV to offer some lower cost solutions.
My first house cost 64,000. It had 3 bedrooms.
Wait, for $40 million couldn’t you have 40 first rate homeless shelters?