-- 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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A projected budget shortfall of $1.26 billion for next year (2026). Based on the current unreliable forecasting by City officials, what that likely means for 2026 is a billion and a half or more of a shortfall. These numbers are starting to get big enough that maybe even poorly educated and totally uninformed Chicago residents will pay attention. And BTW, notice the budget has a10.7 % increase from 2025. Do any businesses you know have that kind of budget increase when they are already on the ropes?