-- 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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It’s pretty simple Bally’s – You can’t make chicken salad from chicken s@#t.
This is not publicly funded so we care why?
It’s just the Chicago way…
What do you do when you realize that your project is a dud and you do not have the cash on hand to keep paying the contractors?
Hire some mobbed up subcontractors and get a work stoppage from the gaming commission.
Buy some time.