-- 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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They hate the taxes but love that sweet sweet equity they “liberated” over the years. If you can’t afford a few extra grand a year in taxes, on a home that should have been paid off years ago, the problem is the homeowner not the taxes. I remember a few years back there was some article about this. I looked up the mortgage history of the subjects of the article and everyone of them profligately cash out refi’d themselves out of their home. These people love the equity on the way up but cry when they can’t afford all the… Read more »
It’s not gentrification causing his ridiculously high property tax bills. It’s paying for the Free Stuff Army. Many property tax rates in the rest of the country are closer to one percent of the property value. Also, who will buy his property with those high property tax bills? I guess if he lowers the asking price enough, someone will.