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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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The “urban doom loop” should more precisely be called “historically Democratic party governed large cities.”
There I fixed it.
The cosmopolitans laughed dismissively as rural cities and towns were decimated by the very policies that they, the cosmopolitans, advocated and voted for. Now the liberals, who never thought it could happen to THEIR CITY, are looking to the very same reprobates to “do something”. The renaissance is going to be small towns and rural communities that are filling up with Conservative, self-sustaining Patriots. As the history of Rust-Belt cities has shown, there’s no written-in-stone rule that cities can’t fail…even Big City’s.
Big Cities are mostly failures outside of the prestigious downtown and yuppie neighborhoods, and have been so since the 70’s. The political leaders who like to say that the big cities are the GDP generators really fail to mention that many, if not most, of those individual employees generating that GDP are suburbanites. Just like cities are split between nice areas and bad areas, rural areas and small towns are a mixed bag too. Tourist areas and areas with industry tend to be nicer, but for every nice rural/small town, there’s another small town full of meth heads, tweakers, crank… Read more »
BJ’s tax grabs will drive away business and kill property tax revenue