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.
An outstanding analysis. These outrageous costs are are so high they can’t pass the smell test for anyone who has a nose. Graft at the highest levels and with no oversight whatsoever. scores of great private owners could do housing just as nice for half the cost. We live in a city that has just sunk to the lowest levels of fiscal sanity.
Just absolutely comical. Friends of mine are investing in 2 bedroom deals that cost $340-410,000 per unit. All rehabbed. All new appliances. No consultants. No lobbyists. Just a disgusting waste of money and a hoax on the lower income folks who need housing.