-- 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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If you want your business and family to survive then move to Indiana. Simple as that.
This intrepid reporter focused only on a few select blocks in downtown and completely ignored the void throughout the rest of the loop. For example, LaSalle St. is practically vacant and many stores have closed. Heck, the McDonalds across from the county court house closed down and is still vacant a year later.