-- 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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MacArthur Foundation has $6.5B in assets. Chicago Community Trust has $3B. McCormick and Joyce each have $1B. Maybe it’s time for those non-profits to dig into their tax-free assets and pick up the slack.
Lately what passes for “culture” in Chicago is dubious. Taste of Chicago, like I really want to pay $12 for an egg roll and wait in line for it behind a sweaty guy swilling beer in a tank top, then find out I’m a ticket short and have to go buy a whole sheet of tickets because they wont just sell me one ticket, and walk to a ticket booth a block away to do that. And pay $35 to park. All the while knowing my entertainment money is going to the giant corrupt slush fund called Chicago. Hell no.… Read more »
Rick:
I find it hard to believe that anyone would want to pass up such socially significant events!
Why not just raise the taxes and see what happens?
.”Needs to find …” $16 million when the venues are shut down by government fiat. Mark Kelly, who seems to be a likable experienced guy with a career in educational administration, is taking down about $160K per year plus benefits. The “bare bones” budget will certainly cover that and a lot of other folks who will likely be sitting on their hands for another year under the Illinois rule: where people are furloughed with full salary and benefits. The mayor’s cuts are for events that probably won’t be held due to the virus. With due respect, what is it about… Read more »
Kelly needs to go he’s a zero.
This gremlin is ruining the city single-handedly. Or, perhaps single-hoofedly.