-- Connecting the dots between our economy, government and business --
Pritzker said the new owners will keep the building intact and develop executive offices, retail, and hotel space. He said they will move forward on a “public-private partnership.”
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
Ah so they found a schmuck, a sucker to actually buy this lemon. And they found them in the midst of a time when office buildings are quickly becoming obsolete. I smell some big political favors being handed to the idiots who would buy this building. I’m sure they are buying influence instead, the building is just superfluous.
Yea OK! Where will all the money we’re saving. I think Illinois has a difficult time measuring or identifying savings against throwing money away! We’re all supposed to celebrate them doing their job! I’m also suspicious of public/private partnerships usually opaque.