-- 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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Gosh, Old Joe lives in a half million dollar crib that he paid on for decades with no help from Uncle Sugar. And it wasn’t brand new when he bought it. Slightly over a century old now. What’s wrong with me?
Someone made ALOT of money.
Here in Rockford there are plans to introduce property tax rebates for three years for new home construction. What will not be mentioned is that with PTELL the tax rates for everyone else will be raised to compensate the so called tax loss. But at least here the cost for 56 units will be $20.6M or $368K each.
https://www.wrex.com/news/the-city-of-rockfords-city-council-what-big-items-are-on-this-weeks-agenda-and/article_08043486-ecc9-11ef-ac13-374542aad599.html
THE CHA has never been smart with their money. They have stashed away millions of dollars of unspent Fed & State funding. And the “payments in lieu of” for developers not including the required mixed inclme units has to stop immediately. All you have to do is look at Cabrini Green to see what they got away with. The low income part of the project still isn’t built out. And Dailey got rid of his problems in that neighborhood by flooding the NW suburbs with the good residents and the additional riff-raff that came too. Caused a lot of problems… Read more »
Absolute buffoonery. Private sector rehabbers and developers spending their own money can buy an old building, rehab it, put in three or four two bedroom with completely up to date features for $400k or less. This is government waste at the absolute worst. Or why not just go buy some condos on the North side at half that cost? Just look at Zillow you fools.