-- 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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Reminds of the “The Sting” Maybe he hired all those people to look like the Feds and fake a raid. Did anyone check I.D’s? Did anyone see Newman and Redford? Illinois politics! You just never know!
Chicago shenanigans. He’s probably done this a thousand times and not been caught, simply because it is usually unspoken as an understanding. Thus no formal quid pro quo to catch him. And the business does it because they understand that it’s a cost of doing business. It’s that common, like something you would see in South America. As a Chicago business owner who needs special licensing, I’m very familiar with the need for “donations” to aldermanic campaigns and being “active” in Chicago politics. A lot of my anger here in the comments on this site is a direct result of… Read more »
IE – Your comments make me reflect on just how breathtaking the level of corruption is in Chicago. One of the things that Big Government supporters often fail to recognize that the bigger the Government, the more favors the Government can dole out and hence lots of opportunity for corruption. I don’t know how any business owner puts up with Chicago and Illinois – my guess is that they really don’t – and furtively are always exploring ways to re-locate.
I know it’s not perfect elsewhere, but I hear great things from fellow owners about other cities, particularly places in Texas, then Nashville. I wonder if the “grass is really greener” there, and if I’ve just been putting up with this garbage for too long.
But I have actively not renewed several leases, and I am working on alternative business plans to get out. It just takes a long time.
It’s no better in the burbs. In Aurora under the last two Mayors (Weisner and Irvin) you will not get your occupancy permit until you donate to their pet causes that of course employ their favorite sons and daughters.
As I have said many times, I have not recommended a client of mine expand or start operations in Illinois since the 90s.
Finally a warm hearted feel good story out of Chicago.
Hilarious, I always thought Ed Burke was a black guy, nope whiter than Casper.