-- 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 is no way IL will change. There are too many structural and political roadblocks to change. You would have to change the political leadership…0% chance. Then you have to change how taxes are calculated…like a cap on taxes based on market value..0% chance. Then you have to address the hole that’s been dug…higher taxes to pay off unfunded hole? Change constitution to change benefits..0% chance. WP you’d be better served moving to Tennessee and documenting how not to be IL…
Highest taxes and lowest services. Where is all the money going?
Based on all the different comments that are made on this site the past years I believe with optimistic certainty that most or almost all of us are on the same page regarding property taxes. That is they are too high and out of control. You know what my ideas have been especially that the ability to pay them is never in the equation. I suggest that all of us regardless of political affiliation contact our local reps/senators on both sides via in person or by email on their websites and give them “YOUR” ideas on how to lower the… Read more »
Your local school boards are the issue. Most are bought and paid for by the Teacher’s Union to keep them fat and happy at the expense of the taxpayers. The Union also makes sure to hand pick non-critical thinkers who will be chair warmers and rubber stampers.
Right on. That’s where the biggest problems are.
“ OUR “ ideas for the most part include trimming a bloated bureaucracy, reducing social services for people that are able to work but refuse to do so and outright eliminating some positions that make IL one of the largest government employers in the US. The politicians really don’t want to hear that, hence the snark from your rep that sounds like he needs a forced change of scenery.
These Illinois Policy, etc. articles on how high IL PTs are will not likely ease the overall tax burden on Illinoisans over time. Even if PTs are reduced, other taxes and fees will be created or increased to more than make up for the reduction. Mismanagement is expensive.