-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
It’s good news to the workers and the community. Not clear yet what the real costs are.
It’s still unclear how many Illinois & fed taxpayer $ bucks$ where promised to reopen Belvidere?
Quid Pro Qua on Gotion? Concerned since UAW has made no utterance on Gotion. Only people not at the table are the IL and American taxpayers.
Within the article it says “…the governor’s office to local and federal officials worked to put together an incentive package that Stellantis couldn’t walk away from” so, in true Crain’s form, the headline does not reflect 100% of the reality of the situation as it seems that Stellantis, a foreign corporation, is the one that is cashing in and not the State of Illinois.