-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
TTX Corp was formed by The Pennsylvania Railroad and Norfolk & Western Railroad along with Rail-trailer Corporation in 1955. Most of the Class I railroads would later buy in and would own a stake in the provider of railcars to the US rail market. Back then, many of these companies had their headquarters in Chicago, as was trumpeted by the large illuminated ‘Santa Fe’ sign on the Railway Exchange building. With most major railroads having or coveting a Chicago destination, it was only logical that the TTX HQ be located in this critical central rail hub. Fast forward to 2023… Read more »
Charlotte is a super nice city, much like Nashville. The employees will love it there.
Another business joins the corporate conga line saying BUH-BYE to Chicago.