-- 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 biggest long term blunder was nixing the Illini Tollway. In term of logistics and Illinois economic growth it was the most-needed strategic road Illinois could have built. Sad.
Many of these warehouses are enormously subsidized by TIF. Local real estate (taxpayers to schools) are seeing lower property values due to factors inherent in heavy truck traffic and increased demands on legally required social service provision (police, roads. fire&rescue, etc.) which MAY NOT (by law) be paid for out of TIF revenues. TIFs last 35 years, at which point Illinois Springfield politicians grant extensions (See Sears TIF as reference). The only exception is if at year 23, taxpayers can get Springfield politicians to listen to their pleas for mercy (to my knowledge, after as much research as FOIA would… Read more »
Great, Chicago will be one huge truck stop, with all the stuff that comes with that too.
Yet, how long before the Great Warehouse Boom turns into the Great Warehouse Bust?