-- 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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Note 60611 zip-code listings (incl Streeterville) on Realtor.com. Of 1162 condo listings in 60611; 996 (86%) listings are not under contract as of this morning. Lots of articles trumpet how “strong” residential market presently is in USA, but not in downtown Chicago, still not recovering from Covid + riots + market collapse. 60611 homeowners realize it’s futile to list their condo, despite their desire to sell, because downtown Chicago condo market is so so weak. The inevitable 3rd Floyd-related downtown “riot/looting spree”, likely to occur at Floyd trial-end no matter verdict, will destroy downtown condo market, because our Mayor and… Read more »
The rioting was awful, obviously, but the non-stop protests this past summer also did great harm. Residents were trapped in their condos three to four nights a week as groups of hundreds to tens of thousands of people marched in the street all hours of the day and night, chanting and banging drums, complaining about perceived grievances that few 60611 residents care to learn about. My feeling is that this too will be a summer of grievance protests, as Chicago/IL continues to remain in some form of Phase 4 lockdown, and COVID spreads among younger, unvaxxed populations, while all of… Read more »
I cannot possibly imagine why anyone would not want to pay top dollar for Chicago real estate; business, home or condo.
It boggles the mind!
“Single family home prices in the Chicago area rose 8.9% from a year ago. That’s the biggest increase in almost 7 years. Unfortunately, the Chicago area is still losing ground relative to the rest of the country. The nation’s home prices rose a whopping 11.2% over that 12 month period” Home prices rising above inflation is NOT a good thing. Expensive housing only makes banks richer with interest as sellers take their cash and leave the state forever. I’m happy to see that Chicago has lower appreciation, which is a much better alternative than being in a insane bubble, that’s… Read more »