-- 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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no worries, because brando’s magically solving the housing shortage building +$800gs a unit affordable apartment housing on the taxpayers dime to be paid back at some latter date at confiscatory rates with his $1.25 Bil–BBB loan. Who needs the private systemic community disinvestment racist housing market!! EQUITY!!
Aldermanic privilege.
With no new construction, of course rents are rising in the Loop and nearby. Yet lots of folks are moving into these apartments and paying high rents. Why? Loop employment is dropping and fewer workers have to commute every day. So why pay high rent to live there?
Has anyone seen any surveys or anything else that could help explain this?
Talk to any experienced apartment operator in Chicago these days and it is clear why Chicago is a less desirable place to be in the rental business– high taxes, shrinking population, socialists running City Hall and the City Council, outrageous greenie building requirements, high union wages, huge pension debt that has to be paid by somebody, crime in too many neighborhoods that requires extra security expenses and overall tolerance by the taxpayers for just plain lousy government. Look at the number of construction cranes these days in so many cities, like Nashville, Louisville, Charleston, Chattanooga, Indianapolis- and on and on–… Read more »
When you go to the South and see all the vibrancy in city after city, you finally realize how dead and hollowed out Chicago is.
Capital flows to where it’s treated best.
great comment
Thats because there is a zero chance of making a profit on your investment in your lifetime. Taxes on landlords will smoother them to death, no money here or anytime soon.