-- 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 have stated this many times before. Our homes are only ATM machines for all the local taxing bodies. Here In Rockford home values are still that of the late 1990’s to early 2000’s but our taxes have doubled. I pay $6,900 in taxes on a $157K home that was valued at $184K 10 years ago. Property taxes are just a redistribution of wealth because taxing bodies do not have direct access to your bank accounts as of yet?