-- 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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Let’s make a note to check in on this program, and the homes they build, 5 years from now.
$260,000 for a home in a bad neighborhood is completely insane. Building costs and taxes in Chicago are out of control. Humans have been able to build cheap, affordable housing since the dawn of civilization. Except in Chicago, with layers of regulation and red tape and ‘corruption’ taxes, it costs a quarter of a million dollars. Shameful.