-- 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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Here in Rockford,Illinois how do you build equity when the property taxes are higher than the mortgage? Our tax rate is 14.8363% on 1/3rd value. I pay $6,900 on a $157K value which means that in 22.75 years I pay in taxes what the home is worth today. Total in taxes on a 30 year mortgage is approx $207,000 most of which should have gone to pay down mortgage or stay in my pocket but is going to a subpar bloated public school system and someone else’s retirement and lifetime healthcare.!!