-- 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
I work in construction industry. industry already has “certified payroll requirements”, almost all public works projects require insuring workers get paid, another expensive layer off accounting. on public works projects its the MBE/WBE minority companies that have hardest time meeting payroll simply because they don’t have the banking/credit lines to meet payroll (lot of fake minority companies out there). This laws essentially requiring certified payroll for all construction-public or private!! But I believe, this law is sponsored by trade unions who have a very difficult time collecting dues from small contractors building a strip mall or something, who may be… Read more »
What a great idea! Buildings that don’t want affordable housing units will just pay higher taxes! That won’t do anything to increase the wide gap between the rich and the poor in the city!!!
What a business friendly idea! This will keep the costs of housing and new construction down!