-- 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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By the next innaugration I expect Chicago real estate (both commercial and residential) to become a financial hot potato. Nobody’s gonna want to get stuck holding it.
All about bad leadership,
Meanwhile what’s being sold to the few dopey voter/homeowners that vote, is in the wacky world of woke/progressive politics/economics– BHC transfer tax will save everything by socking it to evil greedy landlords and commercial property owners!!!…….all while are equity hustle, already highest paid teachers in nation, CTU heroes get CTU/Brandon to sign-off on even more ridiculous $$contract$$. EQUITY!!!!
You ain’t seen nothing yet. We are in the biggest property bubble of all time and it will burst spectacularly.
I went and bought a little DRV in my IRA today
Right idea, but beware those contra funds. If you are not right very, very quickly you will get hammered. Maybe better to just short one of the regular funds holding the stocks.
yup, I just buy a tiny bit. very volitional