-- 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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Don’t buy a home just because interest rates are low.
How many of them have existing debt (student loan, car loan, credit cards) and no 3 – 6 month emergency savings fund?
Here’s a better idea.
Pay off the debt first, build up the emergency fund, figure out how much it costs annually for property taxes and home maintenance, then buy a house.
instead of incurring more debt, then asking the Federal government for a student loan bailout.
Wait until those home buyers take a look at their property tax payment. Breaking it down by month it’s like buying two houses.
Those Illinois houses with the views of the Rocky Mountains are selling especially fast
““The strength in the home price growth is a testament to pent up demand among millennials who are viewing historically low mortgage rates and lull in the market activity as a unique opportunity to purchase their first home,” he said.”
This is just selling their book. It it not good out there and there’s a brief bump before the next leg down. There’s millions of people who missed last month’s mortgage payment. Those homes will be foreclosure in a year to two years time.
How stupid do these people think we are?