-- 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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Many people can still afford the mortgage which is at historic lows but property tax’s are at historic highs which are not affordable. One of our local reps is trying to postpone property tax bills by 90 days which sounds good at face value but that will mean 3 tax payments in 13 months. June would be due Sept. Sept due in Dec.then again in June of 2021. I would like to see taxing bodies use up surplus funds and make cuts which some have 6 months or more or reserves to reduce our property tax’s.We are NOT their savings… Read more »
The problem with giving away money other people’s money is that soon you run out of money to give away.
This includes the federal treasury that is, essentially, giving away our childrens’ and grandchildrens’ money.