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State Rep. Bob Morgan, D-Deerfield, introduced HB 2969, the Balanced Earnings And Record Standards & Stadium Oversight Expectations Act, also known as the BEARS Act. The legislation proposes using a merit-based framework for determining when tax dollars can be used for public funding of sports stadiums, according to a news release.
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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Don’t we all have better things to do than entertain these foolish notions? Get to work on real problems, pols!
No funding for sports stadiums. IL is a financial nightmare and can’t even balance its budget
With the passing of McCaskey will the Bears be sold soon? She was holding back the potential sale so why give them money when someone will pay billions for the team.
https://www.chicagobears.com/news/bears-mourn-passing-of-owner-virginia-halas-mccaskey
I’m still pinning my hope on the Winfrey Bears!
The article plays to the Democrat narrative that PDJT will be responsible for IL budget deficits, not Democrats out of control spending. As for the Bears now, who knows if they will be sold and/or move to TX.
Please make it stop — all the goofy talk about a new stadium. Unless some unit of government comes up with a billion dollars or so for infrastructure costs there will be no new stadium. That won’t happen.