-- 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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My ideas I gave to my local rep were not ignored but were not allowed to be presented in committee. Those states where property tax’s are lower they implemented either a local county income tax or personal property tax or various other tax’s or any combination of the previous. In Indiana for example a number of years ago assessors starting using the insurance replacement value as a basis for value minus depreciation. Tax’s skyrocketed and people said enough voted many out and new laws were put in place and now they have a 1% cap on residential and 2% on… Read more »
Of course property tax cut ideas were ignored, because implementing them would’ve meant hammering the taxpayer elsewhere to recoup the lost revenue. Therefore, the task force served no productive, meaningful purpose, which equates to abuse of taxpayer revenue.