-- 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 taxpayers are nothing but chumps (chumbalones as Kass would say). They are getting exactly what they voted for. How can this possibly pass for “News”?
That’s pocket change for the fat man. Make him pay!
Great. Unable to pay hundreds of millions in principal and interest debt resulting from a bad idea that was poorly executed and “funded” by increased taxes on private sector businesses that can’t charge their diminishing number of customers enough to keep their doors open.
And little Lori’s solution – another round of more-of-the-same.
How “Illinois”…..
Hmmm….This doesn’t bode well for any of Lori’s schemes for SF! Perhaps she can sell it!
Don’t hold your breath. The city of Pontiac basically gave the Silverdome to the developer who tore it down.
I don’t suppose we could send the bill to Daley?
Just how much has Daley cost the city? ( Parking meters, Soldier Field, etc)
We’ve got a few decades to go with the parking meters…..
Shouldn’t that be “The Daley’s”? That entire family got fat on the backs of Chicago, Cook and Illinois taxpayers.
Unbelievable!! If this is correct, people need to name names and people need to go to jail.
Wow, the Silverdome was a boondoggle to be sure but even Pontiac didn’t get hosed for 2/3 of a billion dollars.
At a round table discussion among democrat leaders the most commonly used phrases were, “How much in it is for me?” or “Who cares, it’s tax money” or “Some of my friends and relatives need to make money”.
That’s the truth, I was in meetings for huge construction projects at ORD. Any absurd request was approved and the justification was: It’s bond money! Everyone would nod!
The principle is “representative government” but most of those who pay the taxes are not at the table. Legislators and executives who approve the bond deals do not seem to care about those whom they represent. They instead line their own pockets with pay and benefits and pay huge fees to lawyers and CPAs and actuaries and consultants and rating agencies and underwriters — all of whom collect in front. These “guardians” are also lining their own pockets. Those who do feasabiity studies also get paid in front and their expertise is dedicated to finding all projects feasible … otherwise… Read more »
Sick. Once again political corruption and political expediency at its finest. Yes, if I’m and IL/Chicago politician I want citizens: gambling at casinos; watching the Cubs; watching the WhiteSox–or the Bulls or the Bears of the Blackhawks…..and I want them smoking a lot of marijuana. What I don’t want them to see is the mess created in IL/Chicago created (and getting worse), by our politicians.
No more public funding of sports teams! There is no money in IL anyway cause everything goes to the public unions.