-- 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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Whats playing in Peoria?
This has been playing in Peoria for quite a long time. I rented a house on Peoria’s South Side when I moved to Illinois in ’88. Lived there nine years. Wasn’t anywhere close to the worst place I lived – at first. Older homes built in the ’20’s, a few on my block, like my landlord, still owned by elderly retired couples who raised their families in them. 3 chain grocery stores within blocks. Catholic school across the street. Public grade school a short walk. Within 5 or 6 years the sound of gunfire, home and vehicle burglaries, strong arm… Read more »
GG, sorry to hear about your bad experience living in a formally nice area. I’ve got a similar story from Detroit and I blame it on the fruit of Democratic Party policies emanating from the “Great Society.”