-- 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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Here’s a thought – collect taxes on a quarterly basis for the current year. Pay 2023 taxes in March, June, September, and December of 2023. And use those taxes for current operations. In 2022 the final tax payments for 2021 weren’t collected until December 2022. That’s ludicrous! It’s far easier to budget household expenses when they are paid over time, instead of getting slammed with a huge first installment, then, sometimes, a second installment a few months later. Paying in arrears allows politicians to delay billing until post-election. It would also save interest on any loans that have to be… Read more »
As long as they charge a healthy interest rate and borrowers agree to wage garnishment if they don’t make their payment.
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But no bill to end confiscation of accumulated home equity in tax foreclosure sale?