-- 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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There’s no mention in the article of lower assessments resulting in lower property taxes. After all, this is Illinois.
If the property value of all homes, businesses and other real estate parcels are all reduced due to COVID-19, that won’t reduce property taxes. It’s a zero sum game unless the county either finds a new source of revenue (feds) or cuts expenses (not likely).
Totally agree. You will need to re-post this over the next two years as people will be adamant that their property value went down and they should pay less in property taxes. Property values are only used to determine your share of the total bill.
He’ll say property values are up because your home is now a Coronavirus shelter
selling before the new tax bill