-- 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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The city that used to work!
with chumpy Chicago homeowner prop taxpayers to make up for any lost tax revenue in case of default or devaluation on all those downtown towers one can bet for sure….as “no collective bargaining required”–CTU/Brandon & crew lavishes gold plated deals on all his public sec union buddies
333 South Wabash is obviously declining in value (considerably), but property taxes increased from 7 million to 11 million last year. The property tax increases just accelerates the decline of the commercial real estate market.
THIS IS ALL LIES! I was told that foot traffic in downtown Chicago is 91% of pre-pandemic on weekdays and on weekends, foot traffic exceeds 2019 levels!
Carson’s , Fields, Sears, all still on State St.
All lies, you can still get a Wimpy’s with a shake. Yer darn tootin!
Here in Rockford I still miss Bob’s Big Boy. They closed decades ago. They had the best seasoned fries.