-- 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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I’m at 10K per year to live in my paidoff Bowmanville crib. Seriously, how much more do they think we can take?
How much do you have? That’s what they will take.
Isn’t this the kind of stuff that the leftists at the Tribune advocated for. Why are they sounding the alarm now? How many Chicago Democrats have they endorsed over the years. How many editorials have sounded the virtues of various Democrat policies? Their entire news room should be jumping up and down cheering this on, since this is exactly what they have pushed and continue to push. The Trib news room is filled with “journalism” majors who love taxes as long as it’s the “rich” and not them getting gored. You know journalism majors-the C and D students who couldn’t… Read more »
In town for the soccer game, and a little shocked by the vacant store fronts in the neighborhoods like Lakeview. The taxes have crushed small businesses – very, very sad. The economic decay is well underway. I’ve seen this a number of times in small towns and cities downstate but for reasons of large companies leaving, not bone crushing local and state taxes. This type of economic decay is very hard to turn around. Oh well, this is what voters want in Chicago and IL.
Time to file BANKRUPTCY
Really time for some leadership…….this cr*p of the dems is destroying everyone…….unless you are a socialist etc……….
You can thank Lori Lightfoot for destroying downtown and the Mag Mile. She kept it closed for far too long, much longer than almost every other big city, and then scolded you for suggesting it should reopen. And while it was closed down, she let criminality fill the void. She allowed three days of non-stop rioting in June of 2020 and then allowed two more days of rioting in August 2020, with scores of extremely disruptive protests every morning and evening in between. Downtown and Mag Mile was the freaking Crown Jewel of Chicago. She should have said, “You can… Read more »
Look out, Chicago. You got the Democratic/ socialist/ Marxist agenda you voted for. Enjoy!
There are a number of factors that are increasing property taxes in the suburbs. Out of control spending by all taxing bodies. Rising property values. Ptell for Cook County but not Chicago which raises the tax rate when anyone get any reduction in assessment including deductions Working from home/remote due to Covid restrictions leading to lower values and vacancies on commercial properties. Vacancies of retail stores leads to lower sales tax revenues and more online shopping which then you are only charged the states sales tax rate not the additional city sales taxes. At least it is like that here… Read more »
The schools are out of control and causing much but not all of the tax increase. Most suburban school boards are run by progressives now. They are spending exactly how you would expect childless cat-lady wine-drunk aunts would spend on their nieces and nephews, spending right into bankruptcy. New school facilities, lavish teacher contracts, $$$ for globohomo decorations. There’s no end to the spending. Seemingly every other year there’s a new tax referendum (which always passes) that ‘only’ increases the average homeowners’ tax bill $500 (Which turns out to be $800). A couple of those in the past decade and… Read more »
You are correct about the schools. Here in Belvidere they have a crane putting up or repairing the A/C units on top of a 1 story school that was just repaired 2 years ago. People I talked to in that subdivision are complaining about property taxes and were unaware that Belvidere schools have at least 4 assistant supers and top heavy in administrative bloat. Not sure how many they hired for all this DEI stuff. Now at my rental there are drainage problems from the recent rains and my drain pipes around the house collapsed with estimates to fix at… Read more »
Same in my city. Everyone still thinks we live in a democracy, so get a majority vote from the school board, and presto chango, more spending on schools. They have learned how to avoid a referendum by leasing the property instead of purchasing.
The city council is just as bad – yes men voting on a new library that is virtually empty most of the time, new police station, new fire station, new mass transit bus station. All of these are wants and not needs. All of it theft and fraud.
West Detroit has arrived
North Haiti.
West Moscow