-- 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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Here in Rockford we have had double digit property tax hikes a couple of times but not double digit home values. We are up 6% for 2019 and 2018 about flat for most. Before that mostly negative for many years. They should talk to me when tax rates approach that of Rockford (14.27% on 1/3rd value or about 4.25% of total) and I’ll give them an ear full. For example a $469K home here tax’s are $21,495.37 and an equal value home in zip 60625 Lincoln Square are about $9Kless than 1/2. Now they will see that when tax’s rise… Read more »