-- 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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5%? Really? That means property tax would DOUBLE every 15 years. Even the feds target a 2% inflation rate. Why do we need 5%. I can’t the Stupid Party anymore.
Yeah, that State Rep is really sticking his neck out to help IL taxpayers.
For example, House Bill 4354 caps the increase in a total homeowners year to year property tax bill to no more than 5% unless the home had substantial improvements. WHY does the value of the home determine what you pay for all the services rendered? This seems like an asset tax and there is no asset/net worth tax in Illinois. Right now in your neighborhoods every home is most likely assessed at different values so everyone pays a different amount for the Exact same services. There can be a home with half your value but they have 5 or 6… Read more »
One thing, I’m sick and tired of paying for everybody else’s kids, correct we need a better system but who has the will or knowledge to do so.