-- 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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In and near downtown Chicago, they call that real estate investing.
Brog should personally write a thank you note to Lori Lightfoot. She locked down downtown for months, basically almost two years, and then allowed criminals to replace commuters. Remember, “Gov I’m so large my own weight fractured my leg” gave Lori free reign to lockdown Chicago while the Gov. controlled the rest of the state. After two years of lockdowns, Commuters readjusted their lifestyles and now fewer than half return for even one day a week. I just thinking about how Florida did the exact opposite. One week into lockdowns, Gov. Desantis opened up Florida, quickly recognizing that a prolonged… Read more »
And the situation is not getting better. In late 2024 I was visiting family in the western suburbs. When I do this I visit the Loop and Mag Mile by taking commuter trains in from Westmont or Clarendon Hills. In 2019 I would have to search for a parking space near these train stations. They were packed solid! In 2024 I could throw a bowling ball thru them and not hit a car. This means hundreds of people from these areas are no longer heading downtown.
Wow, 17 cents on the dollar. That’s quite a haircut.