-- 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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Good luck with the city income tax. It’s a huge PITA for most suburbanites to get downtown anyway. I live 15 miles as the crow files and it’s an hour commute door to door using public trans. Pass the city income tax and watch Higgins ave in Park Ridge/Rosemont, Mannheim ave by the airport, and the northside of howard street in skokie and evanston suddenly become rezoned for high rise towers. The large corporate campuses of the suburbs will be raised to have high density mini downtowns. Reminded me a little bit of Detriot, where the surrounding suburbs are filled… Read more »