-- Connecting the dots between our economy, government and business --
In all, nearly 2,100 employees will be laid off at 14 businesses in Illinois in coming weeks.
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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Illinois unemployment rate: 4.8%
North Carolina unemployment rate: 3.7%
We are only one day’s drive away, but it’s a totally different world of freedom and success down here. Come on down y’all!
Hmm…..can a public sector worker get laid off in Chicago?
If you read the details, in only one instance do the layoffs not involve a plant or location closing–so those jobs will never return.
Sign of the times. You reap what you sow. Most any state is a better state to do business in. From a top tier state to a bottom tier state thanks to the public sector grab for MORE MONEY.
At this rate the other states will be having a gofundme for Illinois