-- 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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that’s odd; Illinois increasing taxes for regular homeowners
In even more simple terms, the taxes the developers don’t pay will be paid by other tax payers. The assessed taxes don’t change–what changes is who pays them. Think you, think me. How do you feel about $100M projects getting breaks your $250K home will never, ever qualify for?