-- 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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“McMillan said the market will settle down and the decline in home prices will be gradual. “You don’t expect things to be a really rapid change but expect them to slow up and then stay that way,” McMillan said. “Stay on a slower path for a while until we are back on the long-term growth rate.” Oh its just the familiar and tired slow decline or plateau nonsense academics spout every time the bubble pops in their face. The Fed has been buying $40,000,000,000 ($40 Billion) dollars a month in mortgage bonds for quite some time now, fueling the housing… Read more »