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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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This article is poorly researched and terribly misleading. See excerpt from article pasted below,. It misleads reader to believe that TIF taxes are paid ‘…as they always have’. There is nothing in the article to explain that 40 years of INFLATION of property value assessments (not explained by the misleading statement ‘When improvements are made to properties in a TIF district, the property owners’ taxes will be higher. However, the taxes paid on top of the base amount — in other words, the taxes property owners pay on improvements they have made — are put into a special fund. “ Most… Read more »