-- 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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The major development (boondoggle) that no one asked for, that no one wanted, at the top of a economic cycle, located in a difficult to access area, with a transportation hub that no one thought was a good idea. Reminds me a bit of the developers building rows of identical houses in farm fields out in the middle of nowhere in 2006. No one asked for those homes to be built either, no one wanted them built, no one thought it was a good location or a good idea to build them. But they were built anyways. To the detriment… Read more »