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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 school districts are lead by idiots. You always wait for the construction to be done before trying to pull a fast one.
The Bears intend to play IL like Nero played his lyre. Unfortunately, one of the best racetracks in the world had to be destroyed in the bargain.
If the property gets reassessed as vacant, what kind of a cut will these school districts get then? They’re counting on the Bears being their sugar daddy so they don’t have to raise property taxes for their extravagant school districts.Hang tough, Bears
Not gonna happen there. Never was gonna happen there. Total misread by the Bears of the politics and the finances. Flat broke State of Illinois won’t kick in any money. Broke Ill DOT means no road infrastructure funds. Billion dollar shortfall METRA means no public transportation help. Arlington Heights too small to help financially and with a mostly Repub population who the Dems won’t help them– especially since it means stiffing Chicago and all its pols. Plus huge increase in interest costs the last twelve months and falling demand for commercial property in the Metro area. Never was gonna happen… Read more »
Arl. Hts. is not Republican any more, not by a long shot. There’s not a precinct in 2020 that voted Republican. Biden won every neighborhood within a 3 mile radius of downtown by D+25 to D+35. There’s a couple of D+10 districts where the Eastern Europeans live but those are outnumbered by the “went full libtard” residents – which includes extended family of mine. Arl. Hts is the best spot for the stadium, by far, it’s just too bad the greedy 100% lefty community school district boards are like “SHOW US THE MONEY” for a stupid football stadium. Bears should… Read more »
Most of the tax money goes to the local school districts based on the value of properties. The real reason the property task force does nothing is if they reduce the burden from local taxpayers the state would have to make up the difference by increasing income taxes or cutting services which they will not do. So the state has shifted the responsibility from themselves to local taxpayers. Even though they have increased some funding that does not keep up with all the increased costs at all the districts. The State has the primary responsibility for financing the system of… Read more »
Salaries in D. 214 are outrageous. They need every penny they can get. They’re going to kill the golden goose just to pay the future pension bills.