-- 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 would rather see a dramatic cut. Here in Rockford I pay $6,900 on a 157K value or $207,000 over a 30 year mortgage at current levels. This is approx 4.5% of total value which is double the state average yet most taxing bodies are running a deficit. We wonder why few if any are building equity. Our tax rate is almost 8 times higher than Colorado at 0.6%. I still say seniors should not have to pay school tax’s which would save me over $4K/yr
I am a Republican but I will take the property tax freeze and estate tax freeze in exchange for higher income tax rates. Little old ladies on fixed incomes are getting property taxed out of their homes. And that needs to stop. As I have said before, raise any tax you want to, just leave the property taxes alone.