-- 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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Time for the Governor to issue an emergency decree calling for a moratorium on property taxes. We are getting to the point that most homes will be underwater and owners will stop paying both mortgages and taxes. They’ll then move out when forced, and leave it to the city and the banks to decide what to do with acres of squatters and rodents.
Who’d a thunk that the Pontiac Silverdome could be reincarnated in Chicago?
what about parking? I don’t see additional parking garages that will be needed addressed in proposal, especially since new stadium will sit on top of existing soilder field south parking lot?
Bohica!
And don’t forget the cost overruns, the waste associated with all the minority set aside contracts, the bloated union construction crews and the sloppy construction management. Just look at the huge problems with O’Hare cost overruns, CHA costs that are double what they should be for affordable housing, and the comical estimates of lead pipe removal costs– and you will see why even this obscene number is way too low.
Don’t forget the bribery