-- 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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Bally’s is dead in the water, Mayor’s Office in denial.
More than likely the Chicago casino either won’t be built or will take years to finish. The revenue projections that would be collected by the city have already been spent because it’s the Chicago way. Pockets have been filled, contracts have been handed out to the connected ones and the corruption continues. The voters in Chicago will never learn that they have been supporting the biggest crime gang in the country, the democrat machine.
Hurray for the SEC. This blatantly racist and discriminatory “stock” offering was ill conceived from the start. And way to go Wirepoints also, for launching the lawsuit that put the focus on this scam.