-- 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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Start with buses to the border.
The ‘housing crisis’ is everywhere. In every city, county and state in the union. Why is that? The federal reserve of course! ZIRP (Zero Interest Rate Policy aka low interest rates) combined with “Money Printer Go Brrr” floods the financial system with liquidity, which flows to every corner and facet of your life. Yesterday it was $NVDA. Today it’s housing. Tomorrow it’s cocoa! Have you seen how cocoa futures went from $4,000 to $10,000 in THREE MONTHS!!?!?!? I appreciate Paul Vallas’s ideas but that’s all window dressing. A price crash of epic proportions is coming, soon, very soon, and it’s… Read more »