-- 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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“Down! Down! Down, and the debt went higher!”…from a Johnny Cash song about Chicago.
Meanwhile Rockford has been named the hottest housing market in the country by Realtor.com. It’s about time considering home values have gone nowhere for decades except for the last few years.
https://www.yahoo.com/news/unassuming-midwestern-city-named-hottest-195002522.html
What’s the crime like in Rockford these days especially along the river by the old Illinois Central tracks, used to go there many many years ago on the railroad and crime was bad.
Still bad but most of it is confined on the west side across the river.
https://crimegrade.org/safest-places-in-rockford-il/
https://www.homesnacks.com/il/rockford-crime/
And this is what Brandon wants to do from an article from Bloomberg..
https://www.yahoo.com/finance/news/chicago-seeks-authorization-sell-830-214041625.html
It’s about time, S&P. We know you are paid for your ratings by the City, but anyone with an eight grade math background has been saying this for years.
This headline is typical Tribune disinformation. Chicago “suffers”, as if some external force unjustifiably did this to the city. The city did this to themselves by refusing to cut all the obvious waste, and get its house in order. The Tribune continues as just a liberal rag.
Standard & Poors was too kind in their assessment.
And what do you expect with next years budget from a mayor who blames his overdue water bills on things other than his fiscal irresponsibility. I see further downgrades and S&P is covering their ass for when things implode.
Sounds like they need more revenue. They should have raised property taxes instead of one time fixes. Now the Chicago voters need to pay even more.
Or perhaps, eliminate all the waste in City government? How about that? Maybe walk over to City Hall and immediately fire everybody that you find asleep, absent or playing games on their computer. That should eliminate 80% of your workforce. Then get the other 20% to actually do what they were hired to do. Rinse and repeat for CPS.
After all a city employee is just the name they give someone who is otherwise unemployable. You know real lowlife scum. Not even human.
It’ll be rated junk soon. If they don’t figure out how to slash CPS radically, like lots of firings
“I used to think that if there was reincarnation, I wanted to come back as the President or the Pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody.”
Well, everybody except Brandon and the Chicago City Council. They always know better.
Yay! The democrat voters in Chicago picked another winner. Time to change teams folks because the incompetent fools you people have been putting in office ain’t working.
The Chicago voter is a brain dead slave. They are not functional humans. You expect them to think. They are not capable. They are treated like the slaves they are because their democrat masters know exactly the quality of the things they represent.
My Credit must be good “It is all over town”.