-- 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
“A CHA spokesperson said 100 of the first-phase residences would be built for public housing residents, while the remaining 150 apartments would be evenly split between affordable and market-rate rentals.”
Have any of the city’s other mixed-income housing projects been a success? Are there really people willing to pay market-rate rent to live in the same building with neighbors who are paying significantly less or nothing at all?
You too can reside next door to a Section 8….
Daley should have left things be instead of exporting Chicago crime to other areas.
This, along with things like the parking meter fiasco, are gifts that keep on giving to Chicago from Daley who, being a Democrat, could probably be re-elected today.
It will end up like the last one is due time.
Guess where all the crime in Old Town will be coming from.
I object to using a saints name to designate another Democratic boondoggle. If this project goes thru let’s refer to as Byrne Green or Washington Green or Lightfoot Green or Obama Green. That way Dems can be better associated with their spawn.