-- 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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It’s nice that Rivian makes cool stuff because their stock is down about 80% in the last 4 months, from $170 per share to about $30 per share. In the first quarter of this year, Amazon had a $7.6 billion write down and Ford a $5.4 billion write down to their earnings from this decrease in stock price. Both are partners with Rivian and Amazon a customer for 100,000 electric delivery vans.
Coolest thing that very few can afford so what good is it. Top of the line pickup is around 100K other models start around 72K. What will battery replacement cost down the road?
https://www.caranddriver.com/rivian/r1s
This article does not bode well for the company and Illinois
https://www.theverge.com/2022/3/2/22958066/rivian-price-increase-r1t-r1s-for-new-and-existing-reservations They are increasing prices by up to $20K even if you reserved one which Tesla does not do.
You’d be surprised on that who-can-afford-what topic. I know a few farmers who HATE paying more income tax than necessary so much that they’ll buy top-of-the-line pickup trucks costing $70,000-ish as their MSRP so it becomes a business expense. I remember one telling me his had a Corvette V-8 engine in it. That was maybe four years ago, and maybe such engines aren’t even available for pickups at this point for all I know. Again, its safe to saythe gasoline expenses for those 16 m.p.g pickups are a business expense as well. That’s how much they hate paying income taxes.