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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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LaSalle Street will be the new Cabrini Green
I bet in a few years they will be sorry they made this investment. It is like flushing your money down a toilet.
What this story is really about is that the City and State have given up on keeping Chicago as a solid business district All the anti-business policies are coming home to roost. And don’t blame it on modern economics and work patterns. Look at downtown Nashville, Austin, Charlotte, Jacksonville, Denver and on and on in many cities in other states. They know how to keep a business district booming and thriving. And by the way, exactly how many people want to live on LaSalle Street anyway. There isn’t any greenspace in walking distance. It is a canyon of gray high… Read more »
The goal was to destroy downtown. They’ve only partially succeeded. Chicago voters place downtown revitalization really low on their list of priorities. They see downtown as a place for mostly (white) suburbanites, and it is inequitable to put all of the city’s policing resources into one area while the rest of city is burning: Downtown Chicago shootings up 220%, biggest rise in city: ‘People are fed up’ – Chicago Sun-Times [SNIPITY SNIP SNIP] O’Malley, the deputy mayor of public safety, was pressed about downtown crime during a meeting with BOMA in July. O’Malley said he had blunt words for the organization.… Read more »
July 2021, not 2020, sorry ’bout that.