-- 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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“Taxpayer sponsored bailout for government sponsored disaster.”
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Of course no mention that high property taxes in many areas especially in Ptell counties contribute to the inability to keep up with mortgage payments. In my area (Rockford) over 50% of the mortgage goes toward property taxes so how do you build up equity or even a savings account. 60% of the taxes goes to the school district. How do you keep up with repairs when prices for everything are up? Just got my tax bill and it’s up just a little to over $7,200 even though the property tax rate went down to 12.2563% from 12.8584% on 1/3rd… Read more »