-- 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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Get used to headlines like these, and know that the fall of commercial real estate is going to increase the severity of the looming recession. Boy, Bidenomics sure is great isn’t it?
No sure the blame goes on Biden. How about lack of education and Zero crime enforcement.
And Draper & Kramer ownership are nonetheless relieved to be relieved of this apartment building. Better to sell, and close in 2023, than try to sell and close in 2024, at a steeper price reduction.