-- 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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After the City killed the entire holiday season, this is just in time for two of the toughest months in any year for bars and restaurants. The busy season for most places starts with March Madness and St. Patrick’s Day, and gets cranked up for the Masters in the first week in April (which won’t be happening this year in that week). So we’ll see what the City allows over the next 60 days. Any bets on whether all three of those big party times are a bust?