-- 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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Aurora has the high property taxes,because socialist politicians , who have been in power here, think that it is only fair.
Woodstock IL property tax rates are now 3.5% of fair market value, down from recent 5% of fair market value. Imagine the effect on household conditions when median income households living in median value homes are required to pay over 9% of household income to property taxes? (All over America, families pay pay less than 4% of households income in property taxes). When 5% “extra” of household income is conscripted in taxes, what must that household give up? College savings for kids? Household pets? Certainly they must give up any local-economy discretionary spending. What value is this extra 5% of… Read more »