-- 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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So to sum it up, THE ILLINOIS TAXPAYER is gonna get screwed, hammered, hog tied, beaten beyond belief. And we the taxpayers of Illinois think it’s bad now. I can see property tax bills going up by at least half of what people pay now, in 2021 2022 and beyond. Springfield and local municipalities better tread carefully. Maybe it’s time to make believers out of Springfield.
The one good thing about counties under PTELL is that taxing bodies are limited to 5% or 1/2 of inflation whichever is less in increases by law they created. Home Rule may have additional taxing powers.