-- 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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I’m a contrarian on this issue: Low home growth prices are a GOOD thing. Buyers here don’t need as many subprime nonsense mortgages as everywhere else. It helps us lose fewer residents than we otherwise would because our housing is more affordable. Housing is not some asset class for Blackrock to pump and dump; it’s a place for families to live, raise children and retire. I’m just fine with low growth if it helps the people who live here afford to live here.
where’s Blackrock when you need it
What great magic! How does that work? You try to sell your home and the price keeps rising. Nobody wants to buy your home! Chicago Logic, the core of The Schiller Index! I think it’s spelled shill; and you’re it!