-- 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 rate of inflation indexed property taxes will have to be capped at a level much lower that the current inflation rate of 9%.
Otherwise Chicago property taxes would double in 9 years and West Detroit will arrive much sooner.
I don’t have a good answer for this dilema as I don’t expect the rate of inflation to decline until several years after the cause of it has been instutionalized in a memory care facility.
This will change the current steady flow of residents leaving Chicago — into a balls-out jailbreak.
this needs to happen. Make Lori own it.