-- 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 deal for the Chicago property shows that investors believe some segments of senior housing still look like a good bet. ”
Yeah, I read this, looks like two out of town investor groups needed to ‘make a deal’, for better or worse, to keep things flowing. Overpaying for senior housing in downtown Chicago seems like a terrible idea. I’m sure they ‘know’ better than the rest of us, right? Hahaha