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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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Lots of interesting nuggets in this ordinance: – “all or any portion of the applicable requirements of this Chapter may be waived in a bona fide collective bargaining agreement” – So if you’re workforce is unionized (pays dues), the union can waive this and the employer can mess around with your hours all he wants. Unless… – “In no event shall this Chapter apply to any Employee working in the construction industry” – Wouldn’t want to disrupt the real estate gravy train. – “before hiring new Employees or contract Employees, including hiring through the use of temporary services or staffing… Read more »
Good work, nixit. Incredible.
I hate to keep mentioning this, but as someone who does a lot of business start-up and small business consulting (especially franchises) I have not recommended a single client of mine expand in IL in literal decades. I removed my business interests from IL some time ago. I have no idea why anyone would open a non-crony-capitalism business in IL. There are so many states that are far more compelling. I know, singlehandedly I have encouraged over 30 Illinois would be entrepreneurs to start businesses out of this state over the years, taking their families and jobs with them.
I cut my teeth in Chicago as a small business/restaurant owner. I was born here, raised here, and my extended family still mostly resides in the area. 15 years ago, when I got started, I thought Chicago was cool, and while I knew there were challenges, I couldn’t imagine setting up shop in an unfamiliar place with unfamiliar people. I imagined that it would be more difficult anywhere else, simply because at least I know who Chicagoans are, and what they like. Now, after getting some more worldly experience, I detest Chicago and its government. After 15 years of multiple… Read more »