-- 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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As I said in an earlier comment, you’d have to buy a house in the Chicago area for $0 to avoid the purchase being a very negative financial investment over time. Even then, eventually it would be a negative investment, but at least the $0 purchase buys you some years of financial well being. Of course, the problem is that houses aren’t selling for $0 (yet).
Things are affordable for a reason, I’m sure you are all smart enough to figure out why.
I don’t to sound crude, but that ain’t yellow rain running down my leg.