-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
If you own a home worth $200K in the city of Rockford you pay $9,000 in tax’s which is 4.5% of value. The tax rate is 14.8363% on 1/3rd value. There are pockets of county (tax rate of (12.1016%) within city limits that are taxed at a slightly lower rate which skew numbers a bit. My home is $157K and I pay $6,900 which is ridiculous! You wonder why many are underwater and can not build equity. My tax’s in 22 years are equal to my home value now which is still less than purchase price after 11 years.