-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Folks, this really can’t happen even if it passes. Housing prices will tank to Detroit levels and eventually they will be abandoned before they can squeeze another $200 per month on average per property tax paying owner. The SALT deduction could delay this avalanche somewhat but if it stays at $10000 look out below…..
Don’t forget that in 39 counties under Ptell in Illinois they can collect what was levied (not billed or collected) the year before regardless of home value. If home values tank say in half they still get the same taxes as last year by doubling the tax rate to compensate the loss of value. https://www2.illinois.gov/rev/localgovernments/property/Pages/ptell.aspx https://www.civicfed.org/civic-federation/blog/property-tax-cap-hit-5-limit-first-time-2022 This is why the main source of revenue are properties or basically an ATM machines for taxing bodies. There have been no reforms whatsoever and the ability to pay your taxes is not factored in just the value of your home and nothing to… Read more »