-- 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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In the late 90s, when I worked in Pittsburgh I stayed at the Hilton on Point Park (now a damned Wyndham). It was a wonderful hotel, with one of the best Executive Lounges in the country. One day I need to store a bag, I was shocked to find out that you had tip the bellman $5. I spoke to management, in my naivete, I thought tips were voluntary. Nope it was in the union contract. I spoke to the bellman, he told me he earned 115K a year, and this was in 1996. Ever since then I have tried… Read more »
Interesting how this coincides with the cancelling of the 2400 airbnb hosts ability to offer rooms to let
“including the Palmer House and Sheraton Grand Chicago” Hmmm…The Sun Times forgot to mention the Hyatt Regency Chicago…and the Hyatt Regency McCormick Place…and the Park Hyatt. Why would a union-owned paper forget hotels owned by one of the wealthiest families in America???