-- 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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Typical Chicago arrogance. City leaders feel everyone is clamoring to do business in Chiraq. The casino won’t happen anytime soon.
Partnering on anything with the city is an invitation to your destruction. The agreed upon term sheets will be living documents subject to codified revisions at the city’s whim. Return on your investment does not reflect community equity. The magic word for freeloading slugs; Equity! Hmmmmm…some operators skipping Lori’s RFP theatre. Why bother, the preliminary requirements are ridiculous examples of Chicago math.