-- 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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Too late Crains. You helped get us here. I hope your circulation drops so low you go out of business.
I dunno about that, Marko. I think Crain’s has really improved lately, IMO, aside from Greg Hinz. Their reporting on misguided energy policy and problems in Chicago real estate has been particularly candid and valuable.
Mark, what Crains is doing now is about as relevant to us as what Lori is doing now, it’s too late they blew their chance. It’s been like watching a slow motion train wreck for 20 years and Crains more than any other outlet should have been endorsing conservatives and pro-business politicians but they didn’t. Maybe you need to play nice because they still have some standing but they aren’t allowed in my office ever again.
Johnson only knows the world of non-profit. He hasn’t once had to manage to a bottom line hemmed in by real-world realities. His advisors are going to tell him to raise taxes because all they know is to jack up the price on something people are compelled to pay. They produce nothing but bureaucracy. These people aren’t laborers as much as people who tell you how to labor.
One can only wonder from reading the link to CTU/Brandon’s transition team bio (https://chicagoforthepeople.org/transition-leadership-team/)—are they all just like fake progressive Brandon? i.e. collecting checks or multiple checks from gov unions or state agencies as well as guaranteed pensions all on the taxpayers dime? This would make a dynamite WP research piece!!
but it looks like from the bio not one of them, along with CTU/Brandon, has balanced a spreadsheet a day in their lives
Run for your life, limb and wallet.
Brandon’s teams is a recipe for progressive urban utopia! Before long, Chicago will be sister city to Cape Town!
Crain’s… Is Hintz still there? If so, really can’t respect their take on pretty much anything…
Little bit late for the ‘hand wringing’ from Crain’s.
No doubt!
What a hoot! Crains writes at length regarding the fact that Johnson’s 5 most influential advisors are inexperienced and unknown, and his Transition Director is a SEIU officer.
Then goes on to hope that Johnson’s somehow going to listen to private-sector interests even though he’s excluded people with that experience entirely as advisors.
Registered Chicago voters are going to get exactly the governance that 15% of them voted for. Everyone else either isn’t surprised, or doesn’t care.
Someone get Nero on the phone… Maybe he can fiddle while this dump burns….