-- 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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If it’s any consolation, the DEI positions are some of the first to go.
If the really want to save money, get the hell out of Illinois. I am sure it has been discussed and will be discussed again and again. One day sooner than we like it will happen. Not to worry the CME is going somewhere more business friendly. Illinois is a poor place to run a private sector business.
How much fat is there in some of these companies that they can now layoff so many employees? Of course when you hear some of the stories about employee benefits like unlimited free coffee, cafeterias, gym memberships, etc. it’s no wonder. Start making employees appreciate and earn their jobs rather than promoting a country club atmosphere.
They see consumer spending falling. Interest rates are making homes/car payments/credit cards more expensive. Student loans start back up again in June. And most importantly, they saw Elon Musk fire 80% of Twitter and the site actually worked better. McDonalds might be a better experience without hundreds of DIE staff.
Why does it take hard times for them to do something like this? If they don’t need them now, they didn’t need them before the slow down started.