-- Connecting the dots between our economy, government and business --
Emanuel and Rauner are longtime friends and former business associates. They made millions together. Their families vacationed together. Their inability to make that friendship work for the good of both the city and the state will go down as one of the great mysteries and failures of both of their administrations.
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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Rauner was right – CPS should have filed bankruptcy. Rahm should have done the right thing and agreed, especially if he was going to leave office after only two terms.