-- 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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If you compare Boulder,Co (average home value $800K with tax’s of $3,300 and Lake Forest same value home tax’s are $16K or 5 times more) SALT is a huge factor here but probably not in Boulder. Here in Rockford $800K home tax’s are $37K or 11 times more than Boulder. Higher tax’s=lower home values and Lower tax’s = higher home values. Illinois pols just don’t get it or just don’t care. Check Zillow and search prices from high to low in Boulder and compare to Lake Forest. Check values when sold around 2000 or so and tax’s. 400% increases since… Read more »