-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Building anything these days is crazy when everyone is now at home most of the time. This project is a shrine to a narcissist’s huge ego at the cost of stealing a prime public space from everyone. A space that was 100 years ago designated to remain a park, until now. Now a plan to somehow engineer that the neighborhood simultaneously be improved and remain cheap? What planet are these people from? How does that combination possibly happen? A lot of improvements so the prices go down? Ain’t gonna happen that way, if said improvements ever come.
Chicago residents are losiing a big chunk of Jackson Park in homage to Mr. Obama and the locals can expect nothing from the Great One.
Please ask all victims to form an orderly line when picking up their spoils.
I agree wholeheartedly with this proposal, nothing could be fairer. As a matter of fact, I propose opening the entire lakefront from 12th St. Beach to Hammond for affordable housing development. I am not just talking about little 20 story buildings here but rather 40 stories plus, the bigger, the better. Let’s let everyone have a good view!!
Why should the billionaires on the Gold Coast have all the fun?
Are you proposing a Cabrini Green On The Lake project?
Any excuse to demand free stuff.
Sounds like a plan, er….a planned shakedown. Obama should pay, not the tax payers. Obama putting some skin in the game would be a wonderful magnanimous gesture.
Don’t hold your breathe.