-- 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
The malls will be breeding grounds for COVID-19. ????☠️?????
Surprised malls even still exist in Illinois of all places. Can only imagine what the property tax bill on one of those sprawling behemoths must look like.
Cherry Valley Mall in Cherry Valley.Il pays $1,063,313.22 on the main mall and some smaller stores in outlots. Anchor stores are separate like Sears an additional $201K-Macy’s $221K- Closed Bergners $175K. Value not including anchors is $28M for 2019 and was $27M in 2006. Tax’s in 2006 for main mall were $793,646 with tax rate of 8.8392% vs 11.3742% rate in 2019. Tax’s based on 1/3rd value.