-- Connecting the dots between our economy, government and business --
Due to refinancing and years of primarily paying interest instead of principal, the debt owed for Soldier Field has ballooned from the original $399 million to $631 million, according to the Illinois Sports Facilities Authority, which manages the debt payments. “No sane person would have agreed to this deal,” said J.C. Bradbury, a professor of economics who has studied sports stadium financing.
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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These are the people entrusted with our tax money???
Next they’ll be selling the Skyway and the parking meters! Ooops, they’ve already hawked those.
Stupid, stupid ELECTED chickens!
You get what you vote for – or fail to vote for.
If you don’t vote you lose the right to complain.
““No sane person would have agreed to this deal,” yet there was considerable support from the Chicago citizenry when it all unfolded. They got what they wanted.
I remember at the time the criticism of the price tag as compared to stadiums that had been recently built. Now we find out that they weren’t even paying principle. Let it fail, it’s the only hope.
Would it be ok if this former Illinois resident laughed?
Thousands of former residents are laughing with you.
Rule #1- Taxpayers were put on earth to be Screwed.
Rule #2- Taxpayers were put on earth to be Screwed.
Rule #3- Taxpayers were put on earth to be Screwed.
Do it the Democratic way. Walk away! Just say you didn’t understand due to systemic racism.
Wirepoints readers need to read Professor Bradburys’ book Silverdome 451
Political hacks put in charge of millions of dollars and appointed to the position but their democrat sponsor who will now await their continuing kickbacks. There’s the answer why