-- 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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The biggest gamble is living in Chicago!
It only took about 20yrs to get casino in Rockford approved and rolling, Chicago will get bumped to the front of the line?
Yup. It’s the Chicago Way.
When Des Plaines finally got their casino license, DP citizens were assured that theirs was the last license to be issued in the state. With that in mind, DP worked a deal that shares profits with cities and towns that didn’t get a license.
Wonder if that deal will ever be re-negotiated.