-- 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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If the IL pols lowered PTs, they’d certainly get that lost revenue back in some other ways from the abused IL taxpayers. The pols aren’t giving up their cushy and high-paying jobs, pensions, and health care benefits nor those of most of their fellow State of IL workers. Corruption is way too entrenched in IL.
Property taxes were #1 reason we left. $10K for our house in DuPage vs $1650 for a larger house on more land in SC. And, our property taxes have gone DOWN the last three years due to the influx of so many new residents. Down $25/year, but when did IL property taxes ever go down? Beyond that, what did we get for $10K a year? Poor roads, crime, expensive schools with little return, high government pension debt, etc. For $1650 a year, we’re lacking nothing in SC, very responsive state and local government.