-- 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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NY is no longer an option. Does that make Chicago look better. Or do both Chicago and NY get written off by large businesses?
The WSJ just gave a political smackdown to Chicago. It is hard to imagine CEOs reading that article and filling the empty city’s office buildings – only to pay more taxes on the people they hire. Johnson is pure genius.