-- 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 question is How many people will be able to stay in their homes because of the excessively high property taxes in Rockford? There are and will be many programs for first time homeowners even with rising rates but will they get into trouble with rising taxes. Right now the mortgage is equal or just above the property tax. For a long time you paid more in taxes than the mortgage but now both are high. Not a good scenario.