-- 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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A epic crash of global proportions is coming. Look to the east where it is starting…it’s happening right now yet few are even talking about it, because the crash is slow moving. Housing demand has COLLAPSED to 1960’s levels as most buyers believe is a BAD time to buy. The housing market is FROZEN unlike anything any of us have experience in our lifetimes, even more than in 2020 during the first days of covid, or during 2008, or the crash of 2000, or the recessions of the 70’s and 80’s….Look out below!
And accordingly, as most people think it is a BAD time to buy, pending home sales are suffering too. Pending home sales have dipped below 2008 levels for a 2nd time. The 2008 crash started with demand falling off a cliff as no one wanted to buy or sell their home. Things today in the housing market are WORSE than 2008!
Not much reason to worry about Illinois when the world economy is about to collapse anyway. Humanity is a virus that is severely overpopulated and is draining the Earth of its natural resources to the point of ruin. Unsustainable debt has been propping up an economic system that is completely unsustainable in itself and about to crash and burn. Humanity is about to go over the cliff. Also, when we all go over the cliff the pensions will of course be null and void, as will humanity.
THANK OBIDEN……..SUDDENLY HE’S RICH SO HE DOES NOT CARE…BUT POOR AS A CHURCH MOUSE HIS WHOLE LIFE…..GO FIGURE
WHEN OBAMA WAS IN OFFICE
YOU ARE CORRECT….WHO EVER THIS IMBECILE IS THAT IS THUMBS DOWN DOES NOT KNOW THEIR HISTORY!!
Hmm.. all the countries referred to wouldn’t happen to have both an overwhelming Dem voter support and a sizeable welfare recipient population? Or would they?
Please drop the repetitive, useless comments.
Speaking of repetitive, worthless comments, I don’t see PPF on here anymore. Hopefully you finally decided to ban that spamming, troll idiot.
I’d be curious what he thinks of this proposal. On the one hand, he understands pensions enough to know it’s just a can kick. On the other, if the hoax succeeds as it probably will, that would keep off the pressure to do real pension reform, which he opposes.
I still have not heard anything about pension management fees reforms. I’m sure the fees are much higher than a few years ago. With the markets still going up somewhat and has been plus returns of cash on hand around 4% without doing anything the funds value should be increasing. The fund managers are probably getting bonuses if they exceed getting returns above expectations and that may be a low % of ROI. California reworked their fees some years back but nothing in Illinois. Many of the fee structures seem secretive so we may not know how bonuses are factored… Read more »
Yes, and that’s a hard subject to get a handle on. One good thing in the Rauner Administrations was that he had a guy on the board of ISBI (which does the investing for several of the state’s smaller pensions) who really cracked down on that. His particular focus was fees paid to actively managed funds for publicly traded stocks. His view, which I agree with, was that passive, low-fee ETFs were better. The high-fee managed funds had usually been with political friends. I have not dug into whether his reforms were undone, and I don’t know where things stand… Read more »
I felt that a correlation exists between the factors mentioned and house values. Having been to the counties in SW mentioned, I think the comments were truthful and warranted. I comment on the topic at hand and if said comments are repetitive, perhaps the subject matter is likewise. And I really wouldn’t throw too many stones at people unless they use violent or hateful language , given your association with WJOL. A few of us still remember when Scott Slocum was all in on the Bubba Smith as victim of the KKK fable, before finding out the truth like a… Read more »
CORRECT
By the time Illinois is destroying the state, tossing a match might best way to just leave.