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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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Correction-If you are in a TIF zone which there are many the only part of your taxes that pay for services come from the base value set at the beginning of the TIF. Any value above that goes to the TIF to do with whatever they want but not to fund the local taxing bodies. So if your home was $250K when the TIF started and now it’s $500K only half goes to so called essential services the other half into some politically connected entity. If I’m not mistaken the Willis Tower is valued at $450M or so but is… Read more »
I live in the southwest suburbs small village covers about 24miles in circumference, roughly around 40,000 people. 9 yes 9 tif’s with a 10th on its way wanna talk about thievery,the school district sued the village several years back to get a portion of that tif money. Why do we need so tif districts is beyond my thinking.