-- 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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the fake progress-ter-crates can complain all they want about gentrification and affordable housing but the realty is they desperately need down town /near north boom to continue for its tax revenue. all the new hi-rise around loop are 100% rental apartment towers, (not condo’s) the developer groups / reit investor are taking all the risk hoping rentals hold up. pre recession they were 100% condo-the individual buyer were taking all the risk. apartment reits are hot now as investor flee to safety w stock plummeting. wait for next oncoming recession and see what happens when rental market collapses. yikes