-- 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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My goodness, boomers made some awful decisions. I moved to Chicago for college in the 90’s and the city was already booming then and hasn’t stopped. North/Damen/Milwaukee on the blue line was up and coming and hip and every few months another block north of Addison turned for the better. Anyone remember the urban sports apparel store under the Sheridan red line stop? It was gone by 1996 and by ’00 yuppie residents were walking to cubs games in a neighborhood that a few years before was unsafe at night. I knew of younger people who were purchasing almost million… Read more »