-- 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
The “biz community” better get all the small businesses onboard. Because if it’s just Hyatt/United/JLL/Kraft/CME/etc it is going to be portrayed as Wall Street trying to impose their will on “working families.” You need to get start-ups, small industries, and local stores to join the coalition for it to be a grassroots movement.
Good to see Crain’s call this out, however late it is. The business establishment sat on its butt through the Amendment 1 debate, and on pretty much everything else as the city and state fell to progressive radicals and full public union control.
It seems when Griffin called it quits on Illinois & Chicago now biz business establishment has pretty much thrown in the towel as well….sure is going to get ugly when the covid $bucks$ run out and its years of stagflation at best
Ha! What’s your roll media?