-- 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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All wonderful “feel good” projects. All worth doing for sure. But what the Suntimes overlooks is the fact that not for profits require successful FOR profits to support them. None of those projects talked about are job creators of any significance. A city can’t survive on tax credits and NFPs. The Cubs idea for Lawndale is terrific, but it is a philanthropic type PR program. New monuments are wonderful, but how long before some of the anti-statue wackos will object to Pullman’s history on labor and race relations. The game arcade could be pretty cool, but how many non-minimum wage… Read more »
Denial isn’t just a river in Egypt