-- 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 doubt the property tax’s in Chicago are close to here in Rockford. On a $1 mil home (which there only a few) tax’s would be $46,710.46. On a business every million in value is $47,566.66 since everyone is taxed at the same rate. This is why so many protest assessments which in turn reduces total EAV which then increases the tax rate accordingly which then lowers property values ad infinitum. This is a result of PTELL legislation which many of us were duped to vote for. Many do not know that anyone receiving an abatement increases the tax rate… Read more »