-- 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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I don’t know none of it makes sense to me, counties bordering cook county the homestead exemption goes from 6,000 to 8,000 and the senior exemption from 5,000 to 8,000 for collar counties. The counties that would qualify and benefit from these updated exemptions would be only Dupage, Kane, Lake, McHenry and Will counties they border cook county and are the collar counties. Anyone have any input what about all the other counties in Illinois, sounds like campaign swindling on Pritzker’s part to fool people.
Not sure what this exactly means but Cook county seems to benefit the most considering the county has over 3M population. What will the exemption be for Boone and Winnebago county? In Ptell counties if the exemption increases or an abatement is given that means the property tax RATE increases to compensate the lower overall EAV. A long while back when the senior exemption increased by $1K Winnebago county lost $24M in EAV since 24K seniors benefited from the reduction but the tax rate went up. This will probably be advertised en masse to the voters before the election and… Read more »