-- 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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We just drove past all the Calumet stuff yesterday Wolf Lake, Hegewisch Marsh, all the great old distopian looking industry that goes on and on for miles along the south shore line. Its an amazing place, scary in many ways. A testament to the industrial revolution of the 1870’s truly a skeletal remains to the activity that made us and the world great. Now its all in China probably, industry of this weight and magnitude surely had to go somewhere. Sad that we are now incapable of executing muscular industry again, Calumet, Hoover Dam, Golden Gate, Indiana Skyway, etc. Even… Read more »
Chicago has used the surrounding waterways as dumps for centuries! Now we’re concerned!