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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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Wait. We will get “up to” $300 in property tax relief. I shudder to think how much I spent on property taxes over the decades which mostly went to a school district I don’t use and total or partial pension pickups which are within the contracts..That does not include the mostly depreciation of my property due to the high taxes while many parts of the country increased in double digits. Just got my assessment for Boone County and it’s up a whole 2% which is still less than the taxes. Places like Phoenix are up over 30% and a tax… Read more »