-- Connecting the dots between our economy, government and business --
Companies cutting back on office space as they adjust to post-pandemic work patterns keep emptying out office buildings in the Chicago suburbs. But the demand headaches are far less painful for landlords that own the newest and nicest properties.
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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The suburbs office space vacancy rate is up because so many people are leaving the state. They also over built the area. This is only going to get worse as Illinois continues to gouge the job creators.