-- 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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Mortgages are affordable due to historic lows in interest rates but property tax’s are not. You can work with the lender and have payments lowered or deferred for a while but property tax’s are completely off the table. There is no negotiating with tax’s. If you are late 1 1/2% per month in late fees.No partial payments allowed. So many could keep there homes if tax’s were capped at 1% like Indiana but will lose them to excessive tax’s.