-- 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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Chicago hotel workers for decades have been among the lowest refuse in the labor pool. Let them starve. The Japanese have automated a lot of their hotel enterprises. It is time America innovates. Face it, they have their franchisees over the barrel. Corporate can force the upgrade, bankrupt the zee, and us their right of first refusal clause along with their new, innovative depreciation schedule in the FA to essentially walk away with the renovated properties. That won’t end this labor dispute but would make the next one irrelevant to an large extent.
Between this and the Lake Michigan cruises, it’s not been a good week for JB Pritzker and HIS labor.