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Comment: Event the far left's Slate recognizes the "doom loop" at work in cities like Chicago.
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 democrats started this by using the scamdemic to shut the country down just to prove that they had the power to do it.
Everybody then worked from home and (surprise) didn’t want to go back to the office when the ‘all clear’ was sounded.
Let’s hear it for unintended consequences.
Unintended consequences are always a mystery to those who can’t thing beyond the moment. Like Lori dropping F Bombs!
A mortgage advisor will tell you you never know what you can’t afford until you can’t afford it. Take on more debt, it’s good for me!
In the aftermath of Covid working from home was the only good thing to come out of it. The technology of online meetings, made possible by the Internet did the deed of putting workers at home, not the democrats. It would have happened slowly anyway. WFH now allows companies to recruit talent from the whole world, not from just the people that happen to live 30 minutes from a building. Its all good, WFH means a balanced life.
The entire mess. Is a house of cards supported by .BS. There’s no money to pay any of these mortgages and no desire to occupy these buildings. They’ve already served their purpose of enriching the chosen few
few; and you ain’t one of them nearly everyone involved in real estate is a bag of sht selling you homes you can’t afford so they get their cut. The banks are fine with it because they’re fools too. The assumption that doesn’t work is you might win the lottery. Chicago will soon l resemble Hiroshima. It’s not a good look.
Hmm, I’ll settle for Detroit or Caracas…..
I don’t remember life being like it is today. You need tobe
ever vigilant for people trying to swindle you! By people I include your government too .
Another article from Natural News. When will this happen in Chicago or has it already begun?
https://www.naturalnews.com/2023-05-28-home-sales-china-plummet-brink-collapse.html
“Those new, low valuations are going to hurt on cities’ tax assessments, but they free up buyers to do new things.” Property tax rates are based on budgets for the various taxing bodies (CPS, Forest Preserves, MWRD etc) so if building values go down homeowners have to make up the difference. Or government has to spend less, and that ain’t gonna happen.
This not a problem, it is a feature of the Great Reset globalist plan. They put us all at home, because of the flu. Next are 15-minute cities, where nobody can travel over 15 minutes, basically a jail. I’m not kidding the greenie globalists are happy about all this.
Look at San Fran-https://www.yahoo.com/news/vacant-skyscrapers-empty-trains-san-110031683.html
Democratic run cities are being destroyed and dying quickly.
The big losers will be the banks that hold the worthless mortgages. The next biggest loser will be the taxpayers who will lose trillions of dollars of tax revenue over the next decade, they will have to make it up in homeowners’ taxes.
Why would anyone risk public transportation to get downtown where crime is out of control?
It is as dangerous as the worst areas in the Chitty. Ken Griffin warned everyone, but the would not listen. Only going to get worse. DOA.