-- 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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How is it this has never been tried before. So starting with the premise that your costs are fixed (increasing every year). You rearrange the distribution of those costs based on a different model. The costs are still applied. What happens in fully developed areas? Nothing. Same costs applied slightly differently. Poor areas with vacant land can be picked up today for nothing but the author suggests the land will be developed faster since you are treating it as vacant, but has potential so developers would build faster to cover their costs. . I must be missing something…
Illinois where light the fire and leave has become a real option…
Soon there will be an unusual numbers of grease fires in Illinois homes. From space it will look like another sun has formed in the Midwest.