-- 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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The need for more tech in people’s lives is the future, and who better to lead the way in technology, than the Political Class.
I have six nephews/nieces that are of post college age. Three work in education, three in business. Guess which three are still in Illinois and which three are in Texas?
Per the article, “Chicago remains the capital of the Midwest and is the natural landing spot for ambitious, smart graduates from the universities throughout the region”. This is a laughable statement. All the smart and ambitious youngsters specifically AVOID staying in Chicago after graduation. They see that their long term options are extremely limited if they stay in Chicago. They know that Chicago is a 2 star hotel charging 5 star rates. Chicago is not even a desirable place for youngsters who want to be a server in a bar or restaurant. The deck is stacked against ALL younger people.… Read more »
Meanwhile, completely the opposite of zero growth Chicago/ Illinois,
Austin & Huston Texas are rapidly becoming the new silicon valley with stunning growth:
(https://www.wsj.com/business/texas-tech-industry-move-26f9e7f6?st=A6twmd&reflink=article_email_share)
Austin area rents have dropped 22% BECAUSE THEY’VE BUILT 50,000 APARTMENTS IN 2023-24 ALONE:
(https://finance.yahoo.com/news/austin-rents-tumble-22-peak-130017855.html)
Stunning!!