-- Connecting the dots between our economy, government and business --
After decades of political wrangling by past Chicago mayors, years of City Hall jockeying by potential developers for the lucrative deal and months of preparation by the lucky bidder, Bally’s temporary Chicago casino took the city’s first legal wagers from the betting public Saturday morning.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Once again, gambling is a regressive activity in that it harms lower-income people more than others. I hope I’m not being too obtuse here, but is there any reason Illinois is pushing new casinos in the state other than more revenue for the state?
Nice demographic lined up there…
Suckers.
Atlantic City Called — They Want Their Dumbass Idea Back