-- 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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It would seem another instant way to create more housing would be to allow/ rezone/ covert all the empty small retail /commercial property’s into appartmnts. In my far nw side neighborhood those properties have been empety for decades. My neighbors own some small retail buildings w apartments above and havent been able to rent the storefronts for ages..and it aint comen back–cant compete w big box or online retail. Dont know how prop tax would work, assume city would lose if rezoned residential