-- 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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Once the effective tax rate gets too high, Fannie and Freddie won’t buy the loans. Then the feces will hit the fan.
Wait; I thought BJ recently said there will be no PT increase for Chicagoans. I guess he believed that before he realized his state and federal sugar daddies weren’t going to help him out as much as he wanted.
Last year sock it to less affluent southern suburbs. So much for protecting lower income working families.
“eventually the bills will arrive, and when they do, don’t be surprised if the areas that face the steepest increases surprise you.” So, don’t be surprised if you’re surprised. Doesn’t anybody proofread these things?
Yeah, I don’t think they teach writing in “J School” any more. How about this exhausted sentence:
As we wrote in May, the pain many commercial property owners experienced with companies shedding office space as more employees worked remotely and consumers learned to rely even more on online purchases rather than bricks-and-mortar stores will, in and of itself, hike bills for Chicago households.
English teachers are grimacing.
Ah yes, the Dems looking out for the little guy and those most in need, except when they don’t.
When will Chicago voters realize that the Dems are no different than a Mob loan shark? No matter what story you tell to the loan shark, his response is always going to be “Give me my money, or else!”
Or as was said in Goodfellas “F–k you, pay me!”
There are a lot of complaints across the US about Tyler Technologies. They seem to be the only ones that service the market. I became aware of it after a user on X from Delaware said they screwed up assessments, on the high side, for the entire state.
Going to be hard for BJ to blame it on Nixon and Trump. Why does Preckwinkle always slide free? It’s her choice of vendors that make tax bills come out so late. Once you get done paying installment #1, number 2 will arrive.
PPF loves this type of news.
Higher and higher property taxes in Taxistan!!
Me thinks he is a public sector union grifter.
Probably his old lady also.
You have not seen anything yet. Taxes will double in the next five years. Huge pension liabilities will be paid for by increased taxes. So, suck it up and pay for something you had nothing to do with or benefits you. This is the public sector cancer killing the taxpayer. Higher and higher taxes are cast in stone.
As I’ve said here before, a little bird told me that Cook County is filled with exempted property tax homeowners, essentially insulating them from their voting. Guess who fills in the gaps?
Good point…happens statewide as well.
Is there any independent organization systematically looking at the exemptions to see if they’re justified? And reviewing the assessments to be sure they’re not too low?
It’s the same organization that checks to see if people removed their toilets for one day.