-- 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
Econ 101 – supply and demand. The supply of housing units needs to increase in order for rent to come down. Instituting rent control is a disincentive to develop more housing units. On the other side of the equation the way the city/state is bleeding residents maybe the demand will diminish.
Did the Housing Committee discuss that passing rent control legislation out of the State House Housing Committee might scare away some potential or current landlords during a time of increased crime and civil unrest?
Or maybe that is a goal of some during the march towards socialism.