-- 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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I almost forgot the Jane Bryne interchange is a multi-generational project. FYI-The pyramids were completed faster. P.S. I’m wondering how much of the tax increase for plates and gas across the state are diverted to Chicago? The money for every road project around Rockford seems to come from the 1% local sales tax or special local road taxes and not much if any from $45B tax increases.