-- 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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More taxes are needed to pay the bills so it only makes sense to increase sales taxes. I know Freddy doesn’t want his property taxes to go any higher.
You are right about that. I just contacted my State Rep about all the increases like home and auto insurance and the expected property tax increases while at the same time the Fed says inflation is starting to subside. I don’t know where cost are down other than some fuel prices like in Beloit at $2.59. My property taxes based on percentage of income is now very high for us. My wife had to resign from her job as a nurse because of her unexpected heart attack last Aug and I am still dealing with my 3rd retina surgery and… Read more »
Freddy, First I wish you and your wife the best for your health recovery. Second, I have agreed with you in the past and continue to believe that property taxes do not represent ones ability to pay and only chase retirees out of their home. It would make much more sense to tax in other areas and provide relief to property owners. However, until people come to terms with a property tax deduction equals an income tax/sales tax/other tax increase, we will continue to suffer from these high property taxes. You don’t need a task force to tell you that.… Read more »
Thank You for your kind words. This morning there was an interview on Washington Journal at CSPAN about SS from Mr. Blahous and its future. There are some interesting comments made from callers. The one from Illinois was very upset that his insurance rates have jumped and that takes a big bite out of his SS. It is a pretty good interview if you have the time.
https://www.c-span.org/video/?532948-5/charles-blahous-future-social-security
Freddy, all the best to you and your wife for full recovery.