-- 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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There’s no comprehensive study on how often the endless tax incentives serve their intended purpose as opposed to resulting in higher taxes for those that don’t receive an incentive. Locally, property incentives are often not just limited to TIFs. For example, The Chicago Department of Planning and Development (DPD) lists the following 21 economic development incentives: – Class 6(b) Property Tax Incentive. – Class 7(a) and 7(b) Tax Incentive. – Class 7(c) Tax Incentive. – Class 8 Property Tax Incentive. – Class C Property Tax Incentive. – Class L Property Tax Incentive. – Enterprise Zone Program. – Industrial Development Revenue… Read more »