-- 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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I wonder if the Bears even considered the property taxes in Arlington Heights? Taxes in Chicago have for a long time been much less than the suburbs. Approx 1% of value for residential and now close to 2% while here in Rockford rates were over 5% of value for a while and Woodstock was over 3 or close to 4%. If the Bears get any type of tax incentive the residents will get higher tax rates to compensate due to Ptell jurisdiction.