-- 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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The implication is that white racists are making the assessments, so they are unfair. Bloomberg doesn’t mention that all the major cities have been run by progressive Democrats for decades. I wonder who has been in the assessors offices while this was going on? Pretty sure they weren’t Republicans.
A white racist named Berrios. Uh huh.
Even though he was a democrat Joe Berrios could have been a racist. Being Latinx (I’m guessing Joe prefers Puerto Rican) doesn’t fit Bloomberg’s narrative although Puerto Ricans can be biased against blacks. None of this makes sense anyways. If Berrios had fairly assessed all the commercial buildings he’d put Madigan and all the others of his ilk out of business. The higher a commercial building is over assessed the greater the reduction Madigan can obtain. His fee is based on the amount of the reduction. The greater the reduction the higher his fee is. Be interesting to see if… Read more »
Its the big commercial buildings with high taxes that are lowered. The smaller, family commercial buildings in the industrial parks throughout the county are taxed at exorbitant rates. The rent sometimes doesn’t even cover the taxes. Many banks refuse to even provide financing and the sellers – often family trusts – are forced to provide their own financing to the often uncreditworthy buyer just to unload the burden of taxes. It’s not uncommon to see tax bills of tens of thousands of dollars for 8,000 or 10,000 sq foot industrial or commercial properties. Drive around any light industrial park in… Read more »
Small manufacturer in Naperville, 15k sf, $26k taxes.
The industrial park where it is located is full of empty buildings now.
Exactly, exactly.
That’s nothing, 10k sf medical bldg in Berwyn $160k tax bill, 2,400 sf auto repair in Park Forest $60k tax bill. No mom and pops in Berwyn and nothing really in Park Forest. Politicians don’t understand or care.