-- 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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They call these industrial projects but are they really? Seems more like warehouse projects for storing and distributing goods. I would consider industrial to mean manufacturing and production. Is it just me, or is that what industrial has become in this state, warehousing and distribution of products made in other countries
Warehouse is a sub category of industrial. So you’re right, goods shipped in and money shipped out. Who would open a manufacturing plant in Illinois. Smith and Wesson is moving their headquarters out of Springfield, MA because of their proposed gun legislation. Blue states just don’t get it.
https://www.zerohedge.com/political/smith-wesson-ditches-massachusetts-over-restrictive-legislation-moves-headquarters
MA proposed the gun legislation with the full understanding it would drive S&W out of state. They don’t care. Just as Red States drive abortion providers out of their states, they drive out gun manufacturers.
Good for Tennessee. They have quickly become one of the most booming Red States out there, with a high quality of life, good wages and a favorable business climate. It’s only a matter of time before they become a powerhouse.
And it seems like much of this warehouse space is being built on spec without leaseholders in place, with the hope they can sell to a greater fool before the crash, or off-load the losses on the bond holders. Commercial bonds that finances these projects are often non-recourse.
We’d have a lot more if Rauner didnt kill the Illini expressway. Our logistical location is ideal, but the bottleneck on I80 is a show stopper.
So other than the medline deal, this is speculative ventures building industrial on spec out in the boonies hoping to lease them out. Sounds a lot like all of those spec tract homes built 2003-2006 in the boonies hoping for buyers that never came….
Two of the projects are in Grayslake and DeKalb. The other is the Hilco project in Chicago where they botched the power plant demolition.