-- Connecting the dots between our economy, government and business --
According to the latest Census data, New York City lost 468,297 people between April 2020 and July 2022, about 5.3% of its population. That’s more people than live in the city of Miami (449,514). Other big losers include Chicago (81,313), Los Angeles (76,529) and San Francisco (65,522). San Francisco lost a larger share of its population (7.5%) than any other major city. City leaders blame remote work, but can you blame workers for not returning to offices when they face high taxes, high housing costs and declining public order? Chicago logged 41% more crimes last year than in 2021, and crime is up 43% so this year.
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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In keeping with Escape From NY theme, here is Johnson’s mayoral vehicle of choice
https://www.youtube.com/watch?v=LHZdEoOdIkQ
They are all heading to South Florida. Ken Griffin is a trend setter. CME will be moving soon.
That’s Democratic Party governance for ya!
Buh Bye Sheeetcago!!
Your bank account will thank you like mine has for the past 20 years after I voted with my feet and left Taxistan.