-- 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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This is an article that deserves wide circulation.
“Ghost homes” in world-class cities like London and New York means “super wealthy people’s 3rd, or 10th, homes”. Here in Chicago, “ghost homes” means moderately wealthy people stuck with their Chicago homes when Chicago became inhospitable and undesirable location for raising a family and they fled to their 2nd homes out-of-state.
Rich families regret their decisions to educate their children in the big city. You can’t fix the stupidity of lakefront liberals.