-- 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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Ya know, I used to care about doing the right thing, being responsible…yeah…not Anymore…I don’t give a crap about what the Democrats decide to spend to bail Illinois out. The more they pay, the better my house value might be…because the economy looks better in Illinois…till the next crisis hits. Give me a short window of real estate appreciation so I can get out with my skin…
It is inevitable that some kind of state and local assistance is coming, so it’s good that it is a smaller amount. It will never be enough to address the ills of Illinois. You can’t just turn the lights back on and go back to the way things were. Many small business, particularly retail and restaurant, aren’t coming back. The transition from in store to online shopping accelerated significantly over the last 9 months, and that won’t come back either. Thousands of jobs lost permanently. Illinois will be trying to recover for a decade or more.
I have not seen any spending cuts by JB or Lori. As a matter of fact, Lori just borrowed against future pot taxes to avoid cuts. Would not give these clueless and incompetent managers a penny until they get their own house in order. Hope this bill fails.
As are most bills like this, they aren’t any good. The way to help people would have been a direct check to certain industries like restaurants-and just to open the economy. It’s really all we need to do. Masks don’t work. Grocery store and Home Depot workers aren’t dropping like flies. Just open up.
Maybe they’re signing this now only because they feel another relief package is coming in 2021.
The big loser here would be Chicago. Assume the state keeps $5B of that. Based on their share of the state population, Chicago would only get $300M of what remains for municipalities.