-- Connecting the dots between our economy, government and business --
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"Well, that’s one way to avoid a TIF."
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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What a terrible plan. As a suburbanite, that area is difficult enough to get to now. Museums and Solider field are already an all day affair! Why do they want to clog up that already difficult area with even more congestion? I make it to that area maybe once or twice a year, at most.
“The fundamental objective of this proposal to the state is to drive major economic growth through private investment in transit-oriented development unlike anything we’ve seen in this country to date,”
Mr Dunn, do you know which state you’re talking about here? Driving “major economic growth” with a $3.8B train station seems akin to ending a major economic depression with a bunch of govt jobs.