-- 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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Fracking for dollars.
I’m just waiting for them to implement a very small “LaSalle Street” tax on commodities/ futures transactions. Regardless of how small they make it, that will be the last straw, sending trading to Miami or TX or TN or anywhere else.
Yes, however, it does seem to difficult to dislodge some of these lefty trading guys who live along the lake and believe that chicago is a progressive utopia. To these Hoity-toity limousine liberals TX, TN and FL to them are filled with gross rednecks and they don’t want to breathe the same air as them. Griffin knew he was bucking the trend leaving IL for FL and he was out and loud about it, rather than leaving quietly. I think he was secretly hoping the entire industry would shake out and move after he did, but it’s still here. The… Read more »
The word to remember is data center
collocation. Let ol zippy put a tax on transactions. Trip a few transfer switches
And the electrons flow to a new location at the speed of light. Adios Zippy.
Chicago is being eaten alive by the public sector unions. The goose will not survive. Get all the money while you can as Bankruptcy is in the future.
They spend money before they bring it in and never track the results. What could possibly go wrong? Big blue cities are all on a jet sled to hell.
Another name for this is looting the treasury.
“…because of the ideology of this administration, which reflexively equates higher government spending with progress on social ills and the wealth redistribution it seeks.” That’s precisely the ideology of all progressives, including statewide, especially on education.
First we get the money.
Yes, Mark I agree. But raising and collecting revenue in any material amounts for the City is not easy, save for increases in property taxes which Johnson has indicated he will not do. Many of the get the money initiatives require Springfield’s blessing, which is unlikely in many cases (e.g, the LaSalle Street tax). Johnson is going to have to make tough choices, especially given he wants to throw a lot of money towards the CTU which the City doesnt’ have. The COVID federal funds are going away, and in another thread, PPF has accurately described the relatively modest gains… Read more »