-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
In Chicago they moved to bi-annual renewal of business licenses about a decade back. But as usual, they used the opportunity not to “help” businesses, but to create more money for themselves. So what they did was REQUIRE bi-annual renewal, even if your lease was up within a year, or you didn’t plan on being around for that long. They will not give you the remaining unused term of your licenses back pro rata; you just eat the loss if you terminate your business early. And some licensing is not cheap. The cost of a liquor license is $2200 annually,… Read more »