-- 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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At this time, there is no set opening date for the casino as they still have to finish some construction, hire more employees, and get all the necessary licensing. Though management is still hopeful for an opening in the next few months.
This extra money will only result in increased spending, including higher pensions. In ten years, pension funding levels will be lower than today. The advent of earlier casino gambling throughout the state, which was claimed as the solution to this same problem, has already proven this. IL’s SOP is bring in $1.00 in revenue, spend $1.50.
Old Joe remembers when they passed the Michigan lottery under the pretense that schools would never hurt for money again.
The end result was that it allowed teachers to retire in their mid 50s with at least 3K per month + paid health care.