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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 real question America should be asking is: shouldn’t there be some Federal policy which restricts or penalizes high property tax rate States from the pool of Federal borrowings? Why should States which practice sound fiscal policies be burdened (again and again) with bailing out the politically corrupt States whose property taxation policies cause predictable failures in local housing markets? Illinois collar counties exceed 3% property tax rates. Chicago maintains p-tax rates around 2% of fair market value by issuing public debt to cover annual operating expenses. America averages 1% of fair market value property tax rates. Mortgage rates (which… Read more »
2 choices:
Anyone with a conscious would chose option 1.
Truly is a shame that the no longer relevant Chicago Tribune has picked up on the obvious 20+ years late to the party Can’t wait for Crains to pipe up .. just wait to the end of summer and the tourists took the exit ramp as well
What’s never mentioned in local press is the absolute lack of credibility many Illinois political leaders (“fly-over country”) actually have in regards to other federal politicians and officials, west-coast/east-coast media outlets, and/or leadership within major national-presence corporate/financial institutions. Durbin, Duckworth, Pritzker, Lightfoot, Preckwinkle, Foxx, there’s little genuine respect given, or frankly, warranted to these elected official-bozos. Chicago, Cook County, and Illinois politicians are effective target of much disdain from these DC and coastal elites. Yes, some major corporations will maintain business-presence here, will locate an outlet here, if market supports it, if financial incentives are sufficient, but there’s little genuine… Read more »
Chicago is the butt of the country, Tucker spent the first 15 minutes of his show last week mocking Lori and then turning to Chicago’s rat problem. There was no point to the rat story other than to humiliate us and it’s effective. Chicago’s draw is the professional jobs we still have: major law firms, insurance companies, financial institutions, accountancy, consulting firms, universities, and research, theater. The jobs pay well, the schools are good, and the income tax is lower and flat. Property taxes are high, sure, but those taxes stay local and generally (in middle class and better suburbs)… Read more »
Pritzker’s lockdowns have forever changed what Chicago will return to. Most people do NOT want to come back into Chicago to work.
Good work Wirepoints. Maybe now the mainstream media is finally catching on to the issue they should have been focused on for the last decade.