-- 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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$75 million set aside for security but property owners must turn to their property insurance companies to pay for repairs! Hmm, let’s check those policies now to see if riot and civil commotion are covered or excluded. With plate glass display windows costing thousands of dollars, the real test will be to see if vacancy rates go up or down from their current 30% level. The Loop and North Michigan Ave. won’t look good dressed in plywood.
Bet you a dollar to a donut, property values continue the downward spiral. The “ usual
Gang of idiots”, continue to ignore the problem. Nothing to see here move along .
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