-- 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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Coors leaving Colorado? For Illinois?!? The world has truly gone sideways. The declining sales are no surprise. More people are starting to realize that the fizzy yellow stuff only scratches the surface of what beer can be.
I know somebody at this company and it’s actually not as rosy as this corporate move seems, from what they tell me. There’s going to be major job cuts in Chicago as part of this. There is also going to be a lot of transfers from Chicago to elsewhere as part of this cost savings. So yeah the corporate headquarters might be here but it’s kind of like in name only; same goes for Boeing and Cat, who relocated a small number of executives here but employ the regular workers in cheaper locales.