-- 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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While the title of the article seems to make Illinois look bad as to the cost of homeowners insurance, when you dive into the facts that’s not the case. The average cost of homeowners insurance in Illinois is less than the national average for insurance. In Illinois it’s $3,000 and the national average is $3,300. Perhaps over the last 3 years insurance companies have raised Illinois rates to their proper underwriting costs. The CFA, which is who provided the statistics for this article, point out the 5 most expensive states for homeowners insurance are Florida, Louisiana, Nebraska, Oklahoma, and Kentucky.… Read more »
Reinsurance costs have increased. Property insurance is expensive everywhere in the US.
I think you may be overlooking an important point, which is cost of insurance as a percent of the value of the home. Illinois heavily lags the nation in home prices, however we are not behind much in the cost of insurance. For example homes in Denver area are up over 3X over the last 15 years. We lag because of extreme property taxes, no population growth, etc. I think the insurance companies are playing us for suckers, because our voting patterns say we are one of the few state populations that rollover and accept very high costs and price… Read more »
Good point. A side effect of Illinois’ population loss is fewer residents to pay for things like insurance and taxes. The cost is spread over the ones who remain.
The article takes into account the price of the home in each state. That way they are comparing apples to apples, not apple to oranges. “The report analyzes data from Quadrant Information Services, which collected rates from more than 100 insurance companies across nearly every ZIP code for a homeowner with a mid-range credit score and a house with a $350,000 replacement value policy.”
Yep and illegals are lodged in hotels for free.