Cities Have Themselves To Blame, Not COVID-19, For Sinkhole Status – Zero Hedge

"Chicago, the third most populous U.S. city, has been tightening its fiscal belt in recent years. For Kristen Cabanban, the city’s budget and management spokesman, the Windy City has addressed financial liabilities and deficits without significant tax increases. Nevertheless, top ratings agencies do not concur and have sounded the alarm over Chicago’s 2021 budget."
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mqyl
5 years ago

“Chicago, the third most populous U.S. city, has been tightening its fiscal belt in recent years. For Kristen Cabanban, the city’s budget and management spokesman, the Windy City has addressed financial liabilities and deficits without significant tax increases.”

So, I guess those whopping property tax increases aren’t significant. It’s like we’re living in some parallel universe of stupid.

Fed up neighbor
5 years ago
Reply to  mqyl

Whopping property tax increases on a 250,000 dollar house 56 dollars that my friend ain’t crap, the burbs where I’m at every year for the last 5 years 300 to 400 dollar increases every damn year. 56 bucks I can only dream of. Everyone uses cook county as a example I haven’t seen one article centering on particle suburban areas were property taxes are outrageous.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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