-- 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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Also missed in this is the mayor’s housing proposals that are actually insane:
https://www.chicagotribune.com/coronavirus/ct-coronavirus-chicago-city-council-may-20200520-p7yk7azjwvdu7gf5xruq2h4upi-story.html
30 days notice to evict becomes 90 days.
$2,500 payment to tenants when lease is not renewed because of renovation or demolition
This was negotiated down from a whopping $10,600 to any tenant that didn’t have their lease renewed, along with a number of other unspecified housing proposals for tenants.
I’ve always said that owning property in Chicago was a mistake. This stuff though is crazy.
What happened!? Did they impeach Queenie?