-- 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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Section 8 will be demanded – illegals have to be put somewhere on the taxpayers dime.
TIF money from taxpayers ensures developers profit from the start. Taxpayers not only pay for developers’ profits on unwanted new properties, but are buried in a grave of property tax liability for new TIF freerider residents. TIF new property dwellers do not pay property taxes to schools, their taxes may go only to TIF. For 35 years. Chicago residents may check their personal tax burden per each new student enrolled by looking at the school district tax levy, and dividing by number of students enrolled. Example: In Woodstock the school tax levy is 60 million for 6000 students, so there… Read more »
Get ready for the mother of all real estate crashes
It will be interesting to see who ends up living in these apartments. The only people I know still living in Chicago are looking to move out.