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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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Tax reform of any kind in Illinois is a complete joke. The state is broke, as is the largest city in that state. A reform of any tax will just come at the expense of another tax increasing even more. That’s why Pritzker’s property tax task force never resulted in a damn thing. Pritzker has been rearranging the deck chairs on the Titanic since he took office. The Illinois media lets him get away with it every single day.
How is it possible for us to have elected officials this damned stupid? $15 million she proposes is nothing. Cook County collects something like $18 billion per year in property taxes, so her relief would be some microscopic fraction of the problem.
I think low morals and stupidity is a pre-requisite for the job. With regard to Chicago democrats, the pre-requisite is that you have to be an avowed POS. It helps to have a voting populous with an average IQ of 60. Didn’t I read in Ted Dabrowski’s article something about fake reforms? The democrat/media/union trifecta has the state and city locked in a death spiral and short of a revolt, they will not be relinquishing their grip.
Hmm, this is kinda like reverse inflation. Paying interest on extortionate property tax bills.
When you read the phrase “property tax reform” in IL, it usually means the reform doesn’t apply to you, or worse yet, it’s at your expense. In the unlikely event the action causes your property taxes to decrease, don’t get too excited; they’ll get the lost revenue from you some other way. Mismanaged states/counties/cities always need more money from you.