-- 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
Some examples of set aside contracts are new police stations that start falling apart months after they open. Newly built fire stations falling apart. Serious plumbing and electrical issues, leaking roofs, doors and windows that won’t close, flooded basements with raw sewerage. Lowest bidder, minority contractors result in sub par results and does the city care? Nope.
Discussed over at SCC many years ago. Perfect example.
These contracting set-aside programs have one thing in common, besides kickbacks to the political animals: they all circumvent the bidding process. The late Senator and astronaut John Glenn was reported to have quipped, “I felt exactly how you would feel if you were getting ready to launch and knew you were sitting on top of 2 million parts — all built by the lowest bidder on a government contract.” Senator Glenn had it exactly right: the lowest bidder. He didn’t say the lowest minority-owned bidder. That’s how government contracting is supposed to work. If you submit the lowest bid, you… Read more »
Minority set asides in a city that’s a majority minority. Straight up racism!
Funny how a country so steeped in white privilege has sports dominated by an inordinate percentage of the population ( likewise entertainment ) , as do city/ county/ state governments , all of whose members cry “ racism “ all the way to the bank.
Leave it to the dying Times and Trib, Chicago’s two “Major Newspapers”, to find nothing good about Pres. elect Trump.
Corrupt Chicago Politicians brace for Long Expected Legal assault on its Illegal Discriminatory minority set-aside program.
There you go Sun Times. I fixed your headline. You’re welcome.
These programs have long appeared to be begging for a legal challenge.