-- 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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The McCormick fiasco enters the phase where Groot and Jabba try to hide the stupidity and incompetence they showed by opening this unnecessary boondoggle and completely mismanaging its staffing and supplying of materials.
Just as they announced reducing the capacity by 2,000 beds – https://www.chicagotribune.com/coronavirus/ct-coronavirus-mccormick-beds-not-opening-curve-flattening-20200425-dqsqvuk2wrd7pmbtgzjik7hkji-story.html
Not to mention the three hospitals they just refurbished, Sherman, West lake and one in Chicago for 18 million each. Now they will just be used for “standby” in case any of those phony modeling statistics come through
Because Walsh Construction is involved, that’s why. Keeping those guys busy at $60 an hour.
They are adding an additional 500 beds on top of the barely used 500 beds already constructed–say what??? Is this being paid for with the $429 million fed funds doled out to cook county that has to be spent on covid 19 only or returned to fed? But county is desperate to have rules changed to spend $429 million with no strings attached
This is one – maybe the only one – where I’ll give leadership a pass. I know it was wasted money, but there were a lot of unknowns and decisions were having to be made very quickly. I’m relieved we don’t need it.