-- 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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I’ve been against this all along. But recently realizing that the only industry Illinois has been able to attract is warehousing, shipping and logistics. The warehouses down southe here are appearing every week, Amazon is opening another. Killing the illiana tollway was the huge mistake. If this road eventually leads to getting the illiana I’m all for it. But pritzker if he was smart should be partnering with Amazon on the airport, he should sell it totally as an air freight terminal, not a passenger airport. I could easily see it getting used a lot for that seeing all the… Read more »
Yes with assorted tax credits and gimmicks so no actual positive revenue is brought into the State. By the way Amazon is automating their warehouses and experimenting with deliveries by drone and with the advent of self driving vehicles on the horizon the only partnership in Illinois will be just more corporate welfare with I would assume with naturally more campaign contributions.
So the rest of us in the state get to pay more at the pump for a road to nowhere in Chicago that not even Chicagoans will use. This is why people are fleeing this dumpster fire.