-- 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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Rockford’s sky high property tax’s are mostly to blame and the building going on are hospitals-schools and mostly non taxable projects which do not add to the total EAV to lower tax’s. There are a few homes and duplexes being built. There is a new hotel downtown being built but has lots of tax incentives. I just drove to Beloit by I 90 and 43 and the building going on is incredible. Amazon has a huge building going up and the $400M casino will probably start soon plus the roads and bridges are being rebuilt plus tax’s are much lower… Read more »
Not so surprising when there are mayors and governors running states into the ground.
A lack of federal aid is to blame?? Not the incompetence and stupidity of elected officials who make promises that defy the laws of math and render their jurisdictions virtually uninhabitable?