-- 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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Wow, need to get these guys off the street and into a shelter, first impression of Chicago, really? ORD was the premier airport back in the day, travelled with my Dad on business when I was young and really impressed me what a big deal it was to fly out of ORD. Glad I don’t live in Chicago anymore. I thought it was bad we had the homeless guys camping out at Lawrence under LSD, gotta clean this up.
So you come to Chicago for a vacation and this is your first impression when you get off the plane. She’s ruined Michigan Ave., State St., the business district the Bears are leaving and now she’s going to ruin the convention and tourism business. What’s left for Lori to destroy. You can pull your equity shit and get away with it because we have a lot of dumb voters but ruining the economic engines of the city will just turn us into West Detroit sooner.
Well said, ruining the Premium city in the midwest thanks to this liberal governance.
Richard M. Daley would be “ rolling over in his grave” to quote a phrase.
The Chitty of Chicago just does not have any money. Any extra money goes to fund underfunded pension fund. Overly generous pensions have taken all the money. It is only going to get worse, much worse. Illinois is flat ass broke and the Chitty is even worse. The Chitty is homeless for all practical purpose. The Pension time bomb is exploding at an increasing rate. It will kill everything in its way.