-- 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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Being completely honest here, and this is my ‘bad take’, the city and state SHOULD be paying for some of the Bears new stadium. We are a big city and we deserve a decent stadium we can all be proud of. Yes, the taxpayer gets fleeced, but that’s part of living in a big city. And while it is less than ideal that some private family owns the team and all, and they run it poorly, most cities recognize the civic importance of a nice, fancy stadium for their football team. Rome built the Coliseum and Circus Maximus, it didn’t… Read more »
Responsible city and state gov’ts would have SOME money for this type of thing in reserve…. but not…….ILLINOIS…..nuff said!