-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
There is no law that states counties and municipalities outside Chicago must get Lake Michigan water from Chicago. It’s an expensive long-term investment but if anyone can afford it, it’s DuPage.
Probably a smart long-term plan. Could they also sell water once they have their own infrastructure?
This article sheds more light on the rules for extracting Lake Michigan water and discusses the issues w/ Joliet’s deal and Illinois’ “screaming exemption.”
https://www.cleveland.com/opinion/2023/05/100-year-joliet-water-diversion-deal-offers-stark-warning-for-great-lakes-compact-editorial.html
LOL except there are laws around drawing water from the Great Lakes (not to even get into the laws around pipelines).