-- 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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I just can’t see people and businesses moving 20 miles to Indiana “for the weather.” Texas, yes. But Indiana?
Madigan make his private money off of reducing property tax bills for clients. He has no incentive to keeping cost down.
He sees a job moving from the suburbs to the loop as a win for the state? And then wants the state (i.e. The suburbs) to do more? How about starting with city property owners paying the same RATE of properly tax as we do in the northern counties. I personally know of homeowners in the city with property worth 3X ours that pay less in property taxes than I do in Lake County.
It’s not surprising a Madigan guy won’t admit there is a problem. If he continues to be oblivious to the issue, it is not a story. If he admits there is a problem , then it becomes news. But I do especially like his line that maybe most people move because of the climate. Yeah– that’s it– our state is in dire straights due to the weather.
If I could sell my property I would move to Indiana. Not too far away. I’ve had a lot for sale for three years now.