-- 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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The bears are worth 8.8 billion dollars. Spend your own damn money.
Can we afford this?
“Chicago Bears president Kevin Warren maintains the bill could create 56,000 jobs during construction and 9,000 permanent jobs.” didn’t realize Chicago Bears management allows their employees to smoke crack cocaine while putting out press releases.
The Bears need to learn from the very people they are begging for money from: Float a bond, pledge the hot dog or beer sales revenue as the repayment guarantee, raise the parking costs, add special fees for seats with arms, only allow hand-warmers purchased from the stadium store….you get the idea: treat the fans like the state treats the taxpayers.
Sorry fat cat sports team owners. The days of civic pride ( at least in some cases ) and carrying sports teams on the taxpayers back are over. Most people are too busy keeping their heads above water to worry about multi- million dollar athletes and multi- billion dollar team owners. I don’t care if professional sports shrivel up and blow away, and most people younger than me don’t either.
Good luck Bears. Every single Chicago legislator should be a NO vote on this. And most of your basic analysis is flawed. 56,000 construction jobs? Really? That number is inflated by at least 100 percent. 9,000 permanent jobs? Wow! How many jobs do the Bears provide at Soldier Field? Half that. And wouldn’t the jobs in AH simply replace the jobs at Soldier Field? Why would a Chicago legislator vote for that? And why does the stadium get a tax freeze when no other large project gets one– like an auto plant, an AI center, an Amazon facility, or even… Read more »