-- 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
This is not surprising at all. I’ve traveled between two offices in the suburbs and downtown for 15 years now. I used to prefer downtown but now I prefer the suburban office. Just getting in and out and around of the loop is a total nightmare. I had the pleasure of taking a michigan ave bus two miles today in the mid-afternoon (1 mile each direction) and the entire trip took nearly an hour. The errand itself took 10 minutes but waiting for and riding the buses took 50 minutes. I would have just walked it faster but it was… Read more »