-- 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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“ Bears “ no! “ Fiero “ si! Just like in Caracas, Bogata, and other miserable, Third World cities.
The city of Chicago does not have the money for essential services. So they’re going to spend money on jet another sports stadium that is not needed. No wonder Chicago is in a financial crisis.
Rich guy likes to light his money on fire.. it’s a free country.
$650 million divided by 22,000 seats = $29,545 per seat to pay off the debt, not including interest or operating costs. That $29,545 per seat divided by $50 average ticket price is 590 games for that seat to pay for itself. 590 games divided by 34 matches in a season equals 17 years to pay that seat off, not including interest or operating costs and assuming all seats are filled for all games. Interest could easily be $40- 50 million a year unless Mansueto is funding this with no interest charge (unlikely.) There must be an influx of cash here… Read more »
So, this $650M project is not going to cost the taxer and people of Illinois anything…uh huh…I’ll believe that crap when I see it.