-- 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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““This pause on investment is framed, without evidence, as an effect of the work of my office and its embrace of fairness, ethics and transparency, suggesting developers will abandon our city for elsewhere,” Kaegi said Tuesday. “I think it’s an effort to create short-term political wins at the expense of long-term economic gains.”” Really, this is the best response you can muster? use the phrase “without evidence” like some scumbag journalist to deny the obvious? Everyone in the commercial real estate industry believes your system is the EXACT OPPOSITE of fairness, ethics and transparency. But they’re all wrong, and the… Read more »