-- 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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Wow, a 75% increase in commercial property taxes!! Watch as retail closures/ foreclosures particularly in low income ares skyrocket. Watch as apartment rents skyrocket. And I’m sure for the fake progressive left–from politicians to press to academics, the astronomical property taxes to pay for the guaranteed upper-income lifestyles of our gov union heroes could never-ever have anything to do with systemic racist disinvestment, food deserts, affordable housing, etc. For them the property owners and retailers are always considered the greedy problem. I believe Kaegi is ethically and heroically trying to do the right/fair thing in his assessments by shifting the… Read more »
Sounds like Madigan’s and Alderman Burke’s law offices will be doing a booming business this year.
Those commercial parks in the suburbs are toast. These increases are designed to crush the small business owner drive them into bankruptcy. Rents often barely cover the real estate taxes. That’s why these light industrial parks throughout the county are half empty with old, 1960’s buildings; and strip malls are mostly vacant, with maybe a massage parlor or vape store.
Property tax increases are felt immediately as tenants are subject to triple net leases where property taxes are a separate line item to be paid. Virginia is a much better run state than Illinois, but it is alarming as to how many good value restaurants close in Fairfax County due to property tax increases. Fairfax County is very blue. The landlords don’t want to be cast as bad actors, so they go out of their way to publicly refer to property tax increases when these businesses close. I can only imagine what Cook County owners and tenants must endure. My… Read more »