-- 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 sure hope the CTU Foundation paid their fair share of taxes on 55 W Chestnut while they owned it. Looks like they appealed their taxes annually (I wonder whose firm they used for appeals?). Of course, those appeals came at the expense of school funding and other working families that have to make up the difference with higher property taxes. Irony indeed. And according the Chicago Business, rents there rose 3.9 percent from 2010 to 2014 on a compound annual basis. Sounds like a pretty steep hike during a non-inflationary period. Seems like CTU didn’t mind passing along costs… Read more »