-- 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
Tax, tax, tax… it’s a bit insane, no? There is no discussion of spending cuts. More importantly, services in Chicago stink! The schools stink, the CTA buses/trains stink, the infrastructure is falling to pieces, crime is too high, there are abandoned buildings/lots everywhere, development is stalled, and businesses are leaving. Somebody needs to connect the dots for the children in Gov’t.
Why is Cook County never mention as being in the same position?
Tax increases as far as the eye can see. Taxes will double in the next 5 years. The cost of pensions is exploding and is completely out of control. Almost all the tax increases will go to cover increase pension costs. Much of this money will leave the state as most people cannot wait to leave Illinois.
For the millionth time. Zero consideration to cutting a dime from all of the spending and hires made possible with what was, by law, supposed to be for ONE TIME EXPENSES–ARPA/COVID fed $billions$ in what now has magically become part of permanent city budget? Astoundingly, nobody in city gov or press even brings this up? It’s just assumed dopey taxpayers will somehow pick up the tab!!! All while are guaranteed deal upper-income fake progressive dem machine ghouls preach EQUITY, “systemic disinvestment”, EBF funding formulas, etc!!!…absolutely morally bankrupt repulsive!!! Big question for me, is the way in which city, CPS, CTA,… Read more »
The real point of this ‘Task force’ : “avoid hard decisions.” I mean, why run the city like any other business.
Property tax is an annual tax on unrealized capital gain. In truth, this tax should be annually assessed on the purchase price the owner paid. Any increased value should be taxed at the sale of the home.
How about reducing spending? Why is that never the answer?
“The Chicago City Council should automatically hike property taxes annually to keep pace with inflation”
Housing prices are increasing as part of inflation, so indexing the tax rate to inflation is doubling up. IL could do what Colorado does where the tax revenue can only increases at the rate of inflation.
That’s not how property taxes work. If everyone’s property goes up by 10 percent property taxes don’t automatically go up as well.
Actually its a combination of the rate of inflation and also population growth.
Over the past 30 years this has allowed tax revenue to increase on average by 5.2% annually in CO.
You would think this would be more than enough but Dems in CO want to get rid of this control.
There is never enough tax revenue for Dems to spend IMO.
There answer to everything is taxes, more taxes and even more taxes.