-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
At this pace Illinois will become the worlds largest real estate company, unfortunately including myself people will no longer be able to afford the property taxes on top of there mortgages and homeowners insurance along with ludicrous utility bills all thanks to Springfield. Maybe, just maybe there will be someone who initiates the worlds largest class action lawsuit against Springfield for causing this situation on the people of Illinois.
Pension costs in Illinois is the largest generational theft in History.
The unions know that Illinois is going broke and they are always for raises and more benefits.
My paid off crib in Bowmanville is at $10K per year. Just don’t ask me what I get for that scratch.
If your property is worth $500,000, that’s typical.
Yes but being retired and having a spare 10K in your cookie jar isn’t.
In all fairness property values also have gone up. Depending on what area in Chicago many more than doubled. New construction in Lincoln Square is valued at $1,375M and up so most likely they will go down not up. But existing homes like 2 flats are way up. My sisters home was $140K in 1991 now worth approx $700K. My home and rentals in Belvidere and Rockford went nowhere except for the last few years due to low inventory but my taxes doubled. For many,many years my value went down but taxes kept going up no thanks to Ptell. Made… Read more »
Two flats in gentrified northside neighborhoods gave some of the best returns in Chicago real estate. But for every quadruple in Lincoln Square (over a 35 year time frame) there’s a two flat in Englewood and Gresham that effectively has negative value after back taxes are factored in. Logan Sq was the last major northside gentrification Chicago and that is going back on two decades now already. Gentrification is actually going in reverse in many places these days, with gang infested hispanic communities spreading outwards from Albany Park into formerly ‘safe’ northwest side communities like Irving Park, Norwood Park, Jefferson… Read more »
Debtor, I’m afraid you’re right.
(35 ILCS 200/) Property Tax Code. Sec. 24-5. “Tax on personal property. Ad valorem personal property taxes shall not be levied on any personal property having tax situs in this State. However, this Section shall not prohibit the collection after January 1, 1979 of any taxes levied under this Code prior to January 1, 1979, on personal property subject to assessment and taxation under this Code prior to January 1, 1979. No property lawfully assessed and taxed as personal property prior to January 1, 1979, or property of like kind acquired or placed in use after January 1, 1979, shall… Read more »
Great news. Great news. Now they need to quadruple in 5 years. People as dumb and slavish as Illinoisans are asking for it. They voted for it in overwhelming majorities in November. Give it to them.