Maddog's wry look at economics, history, society, culture, and politics

Chicago Mayor Rahm Emanuel: Chicago budget balanced, pension plans fixed!

7/31/2016

Chicago Pension Situation Improving Says Mayor: Careful Analysis Uncovers Lies | MishTalk

Oh, wait, that was a Friday news dump, so it was designed to hide the ball. The ball Emanuel is hiding is the fact that the city is not making necessary pension contributions today, but is deferring them to the future, long after Emanuel will be gone. This is another story of the Boomers simply acting fiscally irresponsible, and forcing the Millennials to pick up massive payments in the future.

So what does that generational fraud look like? This:

The city will never catch up to these payment problems with this approach. It must get ahead of the problem, and contribute the necessary amounts to fund these pensions today, not long in the future. Millennials will rightly see this as an attempt to allow Boomers to live high on the hog today, press the city's current bills into the Millennials future, expect the Millennials to accept these payments, and accept the fact that they will never have the rich benefits enjoyed by the Boomers.

When this finally explodes, it will hurt many Boomers. I suggest making sure your retirement savings are sufficient regardless of undependable external benefits like pensions, and Social Security benefits. Fair warning.

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Chicago: The Taxy City

7/20/2016

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Cook County is destroying wealth one tax increase at a time

Chicago, Cook County, and Illinois more generally are bankrupt. The progressives who run these governments have run them into the ground.

More below.

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Social Security is bankrupt, how are pensions?

7/19/2016

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The Morning Ledger: Corporate Pensions Wrestle With Brexit

Well that's ugly.

More after the break.

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Social Security is still just a bankrupt as it was last year, politicians still ignore the facts

7/18/2016

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Why Don't Politicians Tell the Truth About Social Security? | John Hawkins' Right Wing News

Boomers are in deep denial.

More below the fold.

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Washington discovers the reality behind rail transit, it should never have been built

6/8/2016

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Instead of building the Silver Line, Metro should have fixed the system it had

Or perhaps it should have invested in cheaper, scalable bus transit, until the self drive car can revolutionize transit.

More after the break.

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With rail transit in terrible shape nationwide, it's a good thing that pensions, education, government services are well managed, and securely financed!

6/1/2016

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The Problem with Socialism | The Antiplanner

Crikey, now Honolulu's light rail will become a train to nowhere along with the California Bullet Train to Nowhere?

More below the fold.

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Central State Pension Plan is bankrupt . . .

5/24/2016

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UPS Fears $3.8 Billion Liability Over Bankrupt Central States Pension Plan | MishTalk

. . . all that is left is to allocate liability, and give haircuts.

More after the break.

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Student loans, are not always a bad idea . . .

5/9/2016

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Lenders Get Burned Betting on Ivy Leaguers

. . . at the elite universities some students are making good.

More below the fold!

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China will not become this century's Superpower, nor will the Renminbi become the world's reserve currency . . .

5/5/2016

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China Evicts Investment Firms Amid Fears of Unrest

. . . China might not make it through the decade!

More below!

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Washington's Metro is in crisis, and will sink further, worse it is just the tip of the iceberg . . .

5/2/2016

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Metro sank into crisis despite decades of warnings

. . . nearly every other light rail, and heavy rail system is at or soon will be at the same place.

More after the fold!

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<<Previous

Chicago Mayor Rahm Emanuel: Chicago budget balanced, pension plans fixed!

Chicago: The Taxy City

Social Security is bankrupt, how are pensions?

Social Security is still just a bankrupt as it was last year, politicians still ignore the facts

Washington discovers the reality behind rail transit, it should never have been built

With rail transit in terrible shape nationwide, it's a good thing that pensions, education, government services are well managed, and securely financed!

Central State Pension Plan is bankrupt . . .

Student loans, are not always a bad idea . . .

China will not become this century's Superpower, nor will the Renminbi become the world's reserve currency . . .

Washington's Metro is in crisis, and will sink further, worse it is just the tip of the iceberg . . .

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