-- 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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Property taxes are going to tax retirees out of their homes and the state and away from their families. People on a fixed income will not be able to afford to live in the house they own free and clear. They will have no choice. My property taxes are More than $850/month in a way western collar county. Plain-old-house – Nothing special. This level of taxation to pay for 8900+ taxing bodies throughout the state for school districts (gigantic waste of money), library districts, fire districts and other special districts is a huge burden. There is no relief in sight.