-- 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
“We totally reject Mac’s premise that our payment of rent is the condition for these low-wage workers getting paid,” Witus said. This is the mentality that you are dealing with. These people believe that if you are a big company you have endless piles of cash and can afford to give free rent. I am sympathetic to those that have lost their jobs and I hope Mac properties finds a way to work with these tenants. With that said, I hope everyone that stops paying rent even though they have the ability will be evicted as soon as the pandemic… Read more »
But don’t you see? These people have given the most valuable thing they have – their Democrat vote to the party – and now they expect theirs. Free rent, all of that.
And who are these “low wage” workers? I see a lot of professionals on their website: construction, property managers, lease consultants, HR, IT…
https://www.macapartments.com/about/employees
While I truly sympathize with people who need rent relief for the pandemic, what’s their end game? Here’s a subset of the tenant demands: 2. MAC Properties shall cancel rent for all tenants for the entirety of the COVID-19 emergency, beginning April 1st. Do they mean defer or cancel rent outright? Are they expecting to live rent free? 3. MAC Properties shall not attempt to collect any unpaid rent from April 1st until after the COVID-19 crisis is resolved. Couldn’t this be managed on a case-by-case basis? If I’m still working and being paid, shouldn’t I be able to pay… Read more »