-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
As any investor in gaming stocks will tell you, the “ big boys “ in the industry ( Wynn, Penn Gaming, etc.) will drop an underperforming property like a hot potato. Millions and millions of dollars in revenue may dazzle the average person, but if billions and billions are projected but not made, the “ For Sale “ sign comes up very quickly thereafter.
The greater Chicago land market is over saturated with various gaming offerings.
Slots in almost every restaurant and gin mill, casinos in major cities. the money is tapped out, even bookies will tell you this area cannot support additional gaming options.
Sports book via the cell phone will soon have bookies and book rooms at casinos on the scrap heap with phone booths, fax machines, land lines etc.