-- 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 daughter and new husband just Illinois! a Educator and a engineer will never come back.
Moved to Indy increase in pay and half the cost for housing!
Good luck Illinois! keep sticking your head in the sand!
as if there needs to be another reason to leave Illinois
Doesn’t this bill provide a clear incentive for over-assesment, then refund to politically connected on appeal? It sounds like a way to bypass the cap limitations, assess whatever they want, reward their cronies through “rebates” on “mistaken” assessments. The Chumbalones will pay.
Joe Berrios wrote the book on that (co-authored by Mike Madigon).
Government overcharges company A and then taxes property owners X,Y and Z more $$ to pay back A. Two questions, if X,Y or Z is from a group once discriminated against, do the get a break at the expense of the others? Do you need another reason to leave?
This is how property taxes work. If one person gets their property valuation lowered then others in the community need to pay more. If everyone’s property was adjusted downward by 10% then everyone’s rate would then increase 10%. If one person gets an adjustment then the rest of the taxpayers need to make up the difference. Sounds like this bill is fiscally responsible. Well done.
Lol
This is what the smart people of Illinois want. Fairness.
Absolutely disgusting, more and more people will loose there homes if this bill passes, not one lazy bum in Springfield objected, Pritzker could care less he has money and you think people are leaving now. Illinois will be known as the biggest welfare state in the union.
But this is what you voted for it’s progressive.
I didn’t vote for this.
That simple statement captures the prevailing opinion in America, I think.
hell no I didn’t vote for this crap