-- 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’s only a matter of time before these hotel chains make a business decision to abandon or reduce their footprint in the Chicago market. How many years of revenue losses must they endure while other markets provide positive returns? will shareholders demand it? Outdoor destinations have really made a come back, especially as people choose to take vacations in ski towns, small towns, resort towns and national parks instead of in larger cities and metropolitan areas. It may be a full generation before people return to cities in large numbers for vacations, theater, museums and night life.