-- 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’m not going to listen to the podcast but for every buyer there is a seller. The residents fleeing the city, in my experience, tend to be renters. Not uniform, of course, but certainly happening. The other big story not talked about here is suburbanites avoiding the city. I routintely ask my friends, neighbors and family if they’ve been to Chicago in the last year and all of them tell me no, and none of them have any intention of going to Chicago, and quite a few of them cite the violence and crime as the primary reason. There’s a… Read more »
And, just because there is a buyer, that doesn’t mean someone is living there. Blackrock may have bought it and it sits empty. People are avoiding Illinois like the plague
Yea OK Lori, I see you peeking from behind the dumpster!