-- 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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Tech incubators get oceans of Illinois taxpayer subsidies. Pritzker family invested in one of biggest such incubators.
Incubators generate the fledgling company. Once that ‘infant’ no longer needs expensive NICU nurturing, the companies leave Illinois (and take tax revenues with them).
Illinois COULD include ‘clawback’ provisions for its incubator subsidies but doesn’t. Investors like Pritzker would be hurt by such taxpayer-protections.
More Unicorn dust. Chicago is great!