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Tucked into the $23.5 billion five-year transportation program Pritzker unveiled yesterday was a whopping $205.5 million for road construction work on Eagle Lake Road and Interstate 57. Instead, the money is allotted to Peotone, an airport that may never actually be built. You might dub it a case of build it and they will come.
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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades
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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.
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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.
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24 Comments
Full interview and summary linked here.
Have any airlines indicated they want a gate there? I’m guessing no.
I live south and I’d still not use it, I love midway and I love southwest too much. And travel to.peotone is no better than midway. The money should go to reviving the illiama tollway project, since warehousing and logistics seem to be the only industry Illinois can attract. And geohraphy, not policy is causing the warehousing boom. Illina tollway is sorely needed for east west crossing.
Peotone and all the road projects are going to make the California bullet train seem like a brilliant investment
Reminds me of the old hippie mantra: “What of they started a war and nobody showed up.” Replace “war” with “airport”.
I think they built an airport like that in Illinois already near St. Louis, mid America or something. A ghost airport