-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
All the Greedy cops, teachers and firemen are taking their huge pension money and buying luxury homes in Florida. Only the mentally challenged are staying in Illinois and facing increasing taxes and decreasing quality of life (falling off a cliff).
By the way Illinois pensions (huge) do not pay any Illinois state income tax. Only an honest hard working taxpayer should pay taxes.
Check out a property on Hill Rd Winnetka . Purchased in 2009 for $6.2MM just sold April 2020 for $3.2MM . This does not include the hundreds of thousands of dollars put in for updating and property taxes at $62K a year plus closing costs . This is happening everywhere in IL from the wealthy on North Shore to downstate and everywhere in-between.
Before Covid hit there was well over 60K properties not paying property taxes…. just wait till Aug what that number will be….it will be jaw dropping the number of properties that said no thanks come get me
I wouldn’t be concerned about this at all if I had a billion dollars.
Is this a surprise?