-- 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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Can it really be true that people have to gross 50K to net a year’s worth of rent payments?
Where do they all work and how can I get a job there?
With 30% of downtown buildings vacant, and Chicago leading the country in homicides and Illinois leading the way in the highest taxes, we are supposed to believe that demand is so high that nothing is available to rent? Seems fishy.
It does seem fishy but we have to consider that in the past four years tens of thousands, if not hundreds of thousands, of illegal immigrant migrants have poured in Chicago and they all need apartments to live in. Gov. Abbott of Texas bussed approximately 50,000 migrants directly to Chicago, plus a secret number than Biden shipped here (how else did they end up at O’Hare?) and a truly unknown number that just showed up on their own after being released from custody. This affects the low end of the rental market the most but then causes shockwaves. Little Village… Read more »
Well said Debtsor.
Yes – exactly my point. The market is still being supported by outside funding. And Abbott only sent some of the people that Biden invited. Chicago welcomed the rest. Imagine the impact on rents etc to border towns if we are seeing this impact in Chicago.
The border states are insanely priced. Saw a 3/2 2,000 sq ft no basement home in a nice suburb in Arizona worth $800k on Zillow. No grass, just desert scape and concrete in the middle of a boring subdivison. But that’s what is costs these days: $800k to live as far away from the hordes of illegal immigrants clogging the roads, filling the schools and littering the parks. TX isn’t much better. Saw a tweet the other day that some high end suburb in Dallas is closing a number of elementary schools because enrollment is down. Costs too much money… Read more »