-- 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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That area is economically depressed. I live in Morgan Park not far from the unabated declining shopping corridor. Years ago though it was vibrant. The housing and the business / shopping climate have taken an enormous downward toll. Pouring millions into that four block interior at this time or near future may prove unfruitful. There are a few clusters of middle – upper middle class, albeit, that group presently does not shop in the quadrant. Overall, the area is sweltering in low income sphere and crime. A robust comeback would be great but risky.