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.
If you notice Palatine Dist 15 say they have plenty of reserves. How many other districts have plenty of reserves? Where did the reserves come from? Taxpayers of course. Their bank accounts are flush with cash while homeowners are trying to make ends meet. I read that some taxing bodies may have 2 years of reserves and still taxing people into oblivion. Reserves should be limited to 30-90 days max and let homeowners keep more of their money. I have said this before. Our properties are only ATM machines for the taxing bodies and should no longer be considered an… Read more »