-- 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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A big part of the problem is the automatic renewal of exemptions. If homeowners were required to complete annually a simple form, saying “I still own and reside in this property (and, if applicable, I am still old and/or a disabled vet),” errors wouldn’t occur unless the taxpayer lied. I think previous Assessors had this annual requirement. Yes,it’s a tiny burden, but so much simpler than the income tax.
Does the $930,000.00 include the tax break governor WIDE-LOAD got when he ripped the toilets out of one of his spare mansions ?
Just curious