-- 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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This is a result of the down side of Ptell. Cook county is under Ptell but not Chicago which is home rule. As property values decrease due to low values and then high taxes the tax rate is adjusted so the taxing bodies will never get less then what was levied (not billed or collected) the year before resulting in further downward home values and higher taxes. This is what happened in Rockford when our tax rate went to 15.25% on 1/3rd value after the housing collapse.