-- 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 cringed when my friend told me his young son just bought a home in Illinois. I wanted to say, “I’m sorry to hear that.” Instead I just smiled and kept my mouth shut. You see, I’ve learned that many Illinois residents, including family and friends, don’t want to hear the dismal facts about Illinois. They would prefer to blindly hope that things are under control. I’m sure they think that if things were really so bad that the media would be screaming every day about it. They have busy lives and probably never heard of sites like Wirepoints.
Similarly, I know of a young couple, recently married, who had a big house built in Oswego. They’re not aware of the property tax abuse in IL. Wait ’til they see their property tax bill after the full assessment kicks in.
I also agree with you that there are many IL residents who don’t want to hear the dismal facts about IL (or are unaware of them or are among the deniers). They’ll be the last to leave. I guess they’re waiting until their property tax is 5-10 percent of their property value.
Why build a new house when property values are declining? Also the up front and add on costs of new comstruction, put in a lawn, put in trees and shrubs, decorate, refinish basement, etc. All things you don’t have to spend on a used home. Then the property taxes, towns love to overtaxed those new homes for all the hookups and new clueless residents. The best strategy for anyone needing to stay in Illinois is to downsize because the bigger depriciations will occur in expensive homes.
No articale attached??
I went to Illinois Policy.org directly to read the story.
Sorry. Link now fixed.