-- 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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Could not agree anymore Heyjude!
Interesting that in all 4 cities, the decline started in the early 70’s. For DC and Newark, the riots in 67-68 were cited as the proximate cause. But for Chicago and Pittsburgh, decline of manufacturing was cited. Did these cities not have riots? Seems like one lesson to be learned is that it takes a long time (50 years and counting) to recover from the destruction of riots. Take note, you woke who believe this behavior brings about favorable attention to your problems.
DC and Newark are smaller cities. The riots decimated larger proportions of these cities than Chicago and Pittsburgh. I went to graduate school in DC in the 80’s (Georgetown). The leftists had so much control over city government that they spent themselves into oblivion. and of course, city services were inefficient and horrible. Congress instituted a control board, and DC (amidst cries of the loss of democracy), obtained some control over finances. Now, gentrification is the target. Neighborhoods I would not set foot in are now becoming desirable and expensive places to live. The problems move east into PG county.… Read more »