-- 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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Few, if any, will admit that in addition to the above, the changing Chicago labor market doesn’t have enough workers to support all of this empty office space. The majority of the last decade’s worth of local high school grads can’t read or write at grade level and over half of the good students leave the state forever. The newest residents are mostly third worlders with limited or non-existent light office skills, and the old workforce, consisting of people like a ‘Susie’ in HR or accounts receivable, who graduated in the nearly all native-born class of ’78 at your typical… Read more »
Commercial property values will plumet and so will the tax revenue. Taxpayers will have to make up the difference.
Chicago’s real estate market is in the Extended-and-pretend stage.
Suburban…..downtown……all areas……JP and BJ and all BLUE mayors have messed up this state!!
Jay Robert and Zippy continue along with others to destroy Illinois. The tipping point I believe has been reached. It will take a 100
Years to reverse the damage done here.