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Ted joined Jeff Daly to talk about the latest details of the Gotion controversy, how 18 states across the nation have created/expanded school choice programs as Illinois is set to kill its own program, why Illinois is the worst state to own a home, and more.
To listen, click on Thursday, September 28, 2023 Podcast Hour 2
Read more from Wirepoints:
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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We are starting to see major frustration from the bagholders who are staying for their own reasons and are unable to leave the Chicago area. They will be left holding the bag and be given the bill while others have made the conscious choice to leave. This will blow a hole into businesses, property owners, and cause additional problems. The effects of the Pritzker, Lightfoot, Foxx, Kaegi, BJ policies are going to destroy Chicago. Communists can’t even put bread and meat on the table without having their citizens wait in long lines until they run out. Those in power live… Read more »
Down here in SC, we got our 2023 tax bill on September 30, one payment, due Jan 15. For the second year in a row, it went down $25 to $1450. Four bedroom house, 3000 sq ft.,3/4 acre. In DuPage we had 2100 sq ft., 1/3 acre, over $9000 at the time we moved. Then there’s Cook County, where the tax bills never arrive on time and taxpayers have to scramble at the last minute. And, there’s six SC taxing bodies collecting, vs the 21 taxing bodies in DuPage. Because revenue is so good, the state income tax declines every… Read more »
The thing is, the way I see it, that while taxes are high they are not high enough. That pension debt is going to be paid and who knows where the immigrant welfare programs are going to take us. Illinois has plenty of reasons other than those two why taxes will continue to be hiked but best of all the people will vote for it. Don’t ever forget; it is Illinois.
For those of you determined to remain in Illinois, I did find one statistic where you excel. The personal debt to income ratio for Illinois residents is favorable compared to most other states. You are doing such a good job managing your personal finances that your local/state Illinois government leaders can run up a hefty public tab on your behalf. The thing is though, unlike your personal debt, you can walk away from your accrued local/state debt. It’s kind of like eating at restaurant with others, excusing yourself, and sneaking out without paying the bill. That’s exactly what I did.… Read more »
As you know, this statistic may indicate non-political-insider Illinois residents’ inability to qualify for debt.
Based on math, not politics.
Insider politicos may qualify for staggering ratios of personal-risk-free-leveraged-borrowing from family-friendly banks.
Outlier high Property tax rates create 2 inflection points which can be catalysts for death spiral of a community: Percentage of Household Income required to pay property taxes. Can a median income household qualify for a mortgage loan on a median value home? (Qualification requirement 40% DTI debt-to-income ratio). Bureau of Labor Statistics (BLS) regularly publishes Household Expenditure Surveys which indicate that across all different American geographical regions and across all income quartiles, Americans pay 4% of hh income for property taxes. When that percentage is higher, those households must decrease expenditures in other categories of spending or savings. If… Read more »
If you own a house in Taxistan you are basically a tax mule for da corrupt Illinois Dems and their masters da public sector unions.
Glad I voted with my feet over 20 years ago and now have an extra $200K in my bank account!!
For all that money it still has poor roads, terrible education system, and miserable police enforcement.
Why?
Illinois Ranks First in the Nation in Units of Local Government
https://news.wttw.com/2023/06/12/illinois-ranks-first-nation-units-local-government-how-much-too-much
Yepper, all essentially jobs programs for da corrupt Illinois Dems and their masters da public sector unions.