Ted joined Tom Miller of WJPF to talk about Illinois’ highest-in-the-nation property taxes, why lawmakers don’t want to touch the tax’s cost drivers, just how much Illinoisans’ tax burden has grown over the decades, why Gov. Pritzker failed to meet his promise to reform property taxes, and more.
Mark, I think Tyler here has the nunbers right. Actually if the true numbers are released we are probably at the point of pension collapse now. That’s probably why there is no clamoring by the retirees to have a forensic investigation / audit of the pension funds. Keep’em thinking that their money is safe and everything’s gonna be fine. Wow and to think folks don’t think this type of behavior is criminal. Say MLM (multi-level marketing)got nothin’ on these guys and gals. What does a pension fund collapse look like. And yes we need to go there.
Yup. Keep in mind that there’s no big event the moment the fund runs dry. Instead, it’s a matter of gradually becoming a pay-as-you-go fund, the consequences of which are no less severe. A pay-as-you-go fund is vastly more expensive than a funded fund. The courts have made clear that Chicago is directly responsible for paying its pensioners when the funds run dry.