-- 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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Getting rid of Herpes will be easier than selling real estate in Chicago.
Get a large mortgage and then rent it out. Do not pay anyone anything.
Let it go to foreclosure and they bank can own it. Will take a few years so you may get your money out. The greed of the cops, teachers and firemen have destroyed Chicago for generations. Get out as fast as you can. All the huge pension money goes to Florida and so should you.
Illinois “Land of Slavery”
“LOL This well planned situation will trap them here”
(A rumor being passed around by a fly that was sitting on the wall in Madigan’s office)
Just a quick point – if you can bite the bullet and do the math, you will end up saving money overall EVEN THOUGH you are taking a huge hit on a house price – GET OUT. But think, you won’t have further taxes and violence to contend with. Most people don’t do the math, is my point.
Set the market back a year? What does this mean? A year with ever increasing inventory and very few sales? Long term, does it mean prices will be reduced dramatically? If so, one can surmise that property taxes likely will not decline. This seems more than a one year setback.
We are in Chicago, near north, and our property taxes have doubled in the last 5 years. Doubled, you read that correctly. They are going up more and now we have 8 houses for sale on our block, newly listed at end of summer. They only silver lining is a lot of my very liberal neighbors are starting sound like angry fiscal conservatives.
My father – elderly now – whether he likes to admit it or not – lives in the Gold Coast. His place is nice, but not practical and not easy to sell. He is stuck, and likely will continue to subsidize the ponzi scheme that is Chicago and its finances.
Most people refuse to see the writing on the wall. This was fairly obvious as of the late part of last decade, given the booming equity markets still, and yet Chicago going more and more in debt (amazing). If you didn’t move then, you were locked in. As long as you don’t complain about it, I have no problem. Chicago has shown us for a LONG time who they are, you can’t blame them at this point.
“If so, one can surmise that property taxes likely will not decline.”
That’s not how property taxes work. If all property value goes down then the rate just increases to make up for lost value. The cost to pay for police, firefighters, schools, etc goes up every year so property taxes will increase as well.
The truth hurts – if you read my statement carefully you will see I agree with you. Stated otherwise, the percentage of taxes relative to property value will increase (a real equity killer) while, yes, actual property taxes paid will increase as well.