-- 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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Instead of raising taxes they could have cut spending to get the money to cover the pension obligations.
Phew, that was a close one! At least the increased property taxes are for a worthy cause.
This is only one of many, many more tax increases. Pay more and get less is the new Illinois slogan. Homes in Punta Gorda, Fl. have gone up in price. More cops in Punta Gorda than in anywhere else in Illinois.
Folks, this is becoming the new normal in Illinois. A property tax increase without any additional public services being provided.