-- 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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TIFs need to be abolished.
Well, that didn’t take long. We’re six days into the new year, and Chicago or Illinois is talking about a fiscal cliff. Mismanagement reigns!
6 days in and you are already commenting on articles without reading. TIF districts lock in the property revenue for 23 years, the extra revenue as property values increase go in to a slush fund which is controlled by the alderman. The thought is a developer may want to invest in a project but needs the city to upgrade the roads, utilities, public transportation. The argument is the investment will increase property values in the area and to use the additional revenue to fund the upgrades. They are allowing the districts to sunset which will allow the full property tax… Read more »