-- 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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In a state that never has enough taxpayer money to spend irresponsibly, you can never build enough casinos.
It doesn’t matter that gambling is a regressive activity.
Maybe they don’t have hotels because they know their clientele isn’t going to stay overnight in Hammond or Gary. I imagine that same clientele would prefer to hightail it out of East Hazel Crest as soon as they’re done gambling.
Like Mexican restaurants and craft breweries, sooner or later the casino industry will hit its point of over saturation and only a few will survive. Good business, yes. By businesses given tax breaks at the public’s expense, no.
Despite the competition and declining casino tax revenues over the past decade, Illinois has no plans on scaling back gaming.
The state is expanding the use of video gaming and opening another casino at Hawthorne Race Course in suburban Cicero in hopes of pushing its $1.5 billion in casino tax revenue from last year even higher.
They are obviously doubling down on stupid here.