-- 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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Ha! This is the same Realtor crap they always say. “There’s a shortage of housing”. There’s no shortage of housing. There’s never been a shortage of housing. New housing starts have been the highest they’ve ever been. Now that prices are plateaued and are starting to fall, sellers are coming out of the woodwork to sell and active inventory is rising everywhere.
Once we hit full blown recession the need for housing won’t be as great. The unemployed will be living in mom’s basement again.