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.
These idiots at the trib have no memory and no knowledge of anything. The great recession started in 2007 and home prices didn’t start falling until roughly 2008, and dropped drastically until 2010, and took a slow decline until 2012 or 2013. Things really picked up that spring in 2013 in most areas, so there were 5-6 years of falling prices. We are only in the third month of this recession. We’ve got a long way before the bottom falls out.
Nobody remembers anything anymore. It’s terrifying, really. Just 11 years ago, we had a flu outbreak worse than this one, but nobody remembers. Just like nobody who is old enough seems to remember how the current US/china trainwreck started in 1996 with Clinton selling most favored nation trading status for campaign bucks.