-- 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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There was just a story about a giant glut of empty office space in Chicago that most likely will never be filled again. With the seemingly unending protests, street crime, looting, car jackings and ever increasing taxes who in their right mind would live there? Considering all that, a few of the aldermen and other city and county politicians will get pocketfuls of cash and the project will move forward with millions of dollars from TIF zone money and all will be good.
Rest assured that campaign contribution hustler Reilly is being taken care of well by some developers for this nonsense.
Can’t construct another new office high-rise without demonstrating market-demand to construction lenders, and without construction loans there’s no green-light for high-rise construction to occur. Real estate developers don’t begin construction without preleasing (or presale) commitments, and there’s an enormous tidal-wave of new office vacancies coming to downtown Chicago. Furthermore, construction prices are skyrocketing due to supply shortages in steel, lumber, plastic, electronic circuitry, etc. Not expecting to see any new construction cranes downtown for foreseeable future. Check Crains, they’ll confirm it. Most new high-rise projects won’t pencil-out as economically viable with current construction cost premiums severely impacting construction budget estimates.… Read more »