-- 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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I find it ironic that this representative’s entire reason for being – a casino in Waukegan – is apparently coming to pass just as he is indicted. I notice that Link lives in Long Grove. If anyone thinks a casino in Waukegan will improve Waukegan, think again. Casinos work when non-residents come in large volume and spend money. They must be tourist destinations. Waukegan, a place I know well (I used to train there in athletics) is never going to fit that description. So a casino will just add to the misery of the local residents, with considerable externalities obtaining.… Read more »