-- 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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Commercial Real Estate is just one big game of flipping to the greater fool who get stuck holding the bag when it all collapses. This list of 10 gives us all a pretty good idea of who is about to become insolvent. Downtown is dead, dead dead. It ain’t coming back. People have moved out and moved on with their lives. They will not return to Chicago to try and recreate that pre-pandemic feel. You can never go home again and that’s certainly true for much of the downtown that experienced rioting, looting and mayhem, and continues to experience the… Read more »