-- 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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The 2.07% is just an average for Illinois. There are many towns and cities that are higher than 2.07%. Rockford-Belvidere-Woodstock-McHenry to name a few are above that number. It would be good to have a breakdown of a few cities in Illinois who are over 2.07%. Cities and towns within Ptell counties should be over the average because the taxes are never lower than the year before regardless of home values. The problem is Chicago skews the numbers due to the sheer number of homes which are just under 2% of value and farm land is also lower. I went… Read more »
What’s more ridiculous Freddy not a damn thing is being done to fix the situation, my property taxes for 2024 due in a few months from now will go up almost $1,200 dollars my EAV went up 30,000 from 2023 to 2024 I’m done and I live in Romeoville a little town / village with about 50,000 people
And on the balls of their A$$. Not the change of a Nickel. A$$ high in debt, one of the worst credit ratings in the country. But the good news is that it pays some of the highest pensions the world has ever known.