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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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Rains hasn’t been correct on anything since 1987!
Jamie Dimon himself couldn’t wait to move his household away from Chicago.
Just another propaganda article. Banks hire and fire people all the time, like any other business. Remember all those branches they built that they’re now closing as even old timers get used to online banking? No one with a brain thinks there is long-term hope for Chicago.
Crain’s is promoting the idea that wealthy Chicagoans will not (continue to?) flee the city. And yet, another media outlet is reporting that the one neighborhood which is booming, Fulton Market, wants to hire private security. Sorry Crain’s, but a city with neighborhoods hiring private security is a city in serious trouble.
Crain’s publishes guest op-eds like this from all views, just as we do, so don’t blame them on this.
This article is kind of like fake new. It says they have two offices for the private banking: Chicago and the north shore. And they are expanding. They said that privately held businesses are going to be sold as boomers retire and they want in on that cash. Underpinning all of this – and unsaid in the article but on the tips of everyone’s tongues – is that Chase expects many smaller regional banks to go bust. Smaller regional banks handle the vast majority of banking for small businesses and privately held companies … think the tons of Signature Bank… Read more »
Yes, nutty opinion pieces like this often test the line on fake news. They should read the damn IRS migration numbers. Wealthy taxpayers are leaving. No evidence to the contrary is offered in this piece.
Crain’s Chicago Business Is Gaslighting Its Readers Again, Claiming That There Is No Trend Of Wealth Leaving Chicago