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.
The reality is that they will default to what they always do, which is raise property taxes. Unfortuntely that “revenue stream” (ie tax and working class people) is already sky high realitive to other markets. I am preparing an escape plan because I know it is coming and I simply can’t afford more. When it hits, I will reach a for-sale sign for my condo. I can not afford the tax already and addtional increases will be my signal that I am not welcome in Chicago (or Illinois for that matter). I am just a money tap for irresponsible and… Read more »
Or the wealthy could just leave. Their choice.