-- 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 so glad I don’t own a home valued over 300k or so. High priced homes will take the first hit as the pool of available and willing buyers decreases and the competing high ticket homes on market increases. Buyers will surly consider their tax bill and look elsewhere. Whereas lower cost homes in good areas will hold their current value at minimum. The pool of buyers for those is increasing as people downsize, retire or are pushed out of their mcmansions by property taxes. Which are no longer deductible btw.