-- 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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I hate to sound like this– but I am actually glad Chicago homeowners will get stuck with the new big cost. It is time for them to start paying the bills for the fools and those policies they vote for over and over again. Maybe a few more big hits to their wallets will wake them up (wishful thinking I know). But I sure don’t feel an ounce of pity for them after the election results in the city the last twenty years.
The “experts” can plot all they want, but the money to turn around the downtown DOES NOT EXIST. There are only two sources of money available, government money or investor money. In the past, the Chicago Dems would throw government money at downtown projects because they had the money, and a big chunk flowed back to the Dems. The former City That Works. Because the Democratic Socialists are now in power, they are only going to spend their precious slush fund, i.e., tax revenue, on far left agenda items like migrants or equity. They are surely not going to spend… Read more »
There’s no way to fix downtown without first fixing the perception of crime. And realistically, it may be too late. Lori closed downtown for far, far too long, much longer than any major city between here and the coasts. People have changed their lifestyles and moved on from Chicago.
Correct.
No large increase in the police force along with the people voting for Soros prosecutors means that it’s too late. Investors and citizens with moral values are risk averse and Chicago is going to be risky for a long time.