-- 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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Springfield has declined noticeably over the past 20 years. Some of the other towns in Sangamon County, like Chatham, are still doing well, but Springfield as the largest city in Sangamon County drives the economic health of the entire county.
Springfield has become overrun with gambling parlors.
St. John’s Hospital and Memorial Medical Center are the largest private employers left in Springfield.
Sangamon County, like the rest of downstate Illinois, is subject to the political whims of the Chicago centric state government. This is a main reason why many downstate Illinoisans become frustrated with Illinois politics and want to move.
Sangamon County is barely red (Trump 51%, Curran 50%) but they voted down the Fair Tax 63/37. That’s pretty significant considering Sangamon’s (Springfield’s) economy revolves around state tax collections. Funny to see folks living around a state capital tired of politics.