-- 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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Not sure I got math exactly right off my cellphone (I’m lazy), but at a cost of $663,000 per apartment unit CTU/Brandons $100 mil BCH would produce a meniscal 150 apt units and his $1.25 bil bond for homeless would produce a dinky 1,880 apts!!!! CHA has a yearly budget of $1.3 bil but know pol or press ask much what all those tax $ are spent on, or are spent on alternative programs like “Move to Work”(MTW)
Yup, we had an article on just that earlier. The whole debate was silly.