-- 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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OMG, Michigan is blue enough already.
Visiting just across the IL/WI border: in IL – unleaded gas $3.459/gallon; in WI – $2.999/ gallon.
High gas taxes in IL likely the reason. But $0.45/gallon? Outrageous!
I read the article and while I understand author Nick Lopez’s point, it really is a shame that a nice little resort town like New Buffalo, MI is now a hotbed of cannabis stores right on the Indiana/Michigan border. My wife and I have vacationed in the town over many years and visited our relative who has a home there. When we last visited this past November we were STUNNED how many billboards we saw on the main roads leading into Michigan advertising these stores, and the sheer number of stores popping up (pardon the pun) like weeds. I suppose… Read more »
Even with the overtaxing there is never enough money here in Illinois. The answer seems to be is moving out of the state but how many people just walk away from their properties? Very few is my guess. They are sold to other people who will assume the liability owed and most likely will pay more in taxes. Businesses who close down is another story because in Ptell counties the lost tax revenue will shift to other taxpayers so nothing is lost.
The issue is your home value is being liquidated to pay for the government largesse. Someone buys a home for $200K, sells it 20 years later for $205K. Think that was a good investment? Tax bill probably went from $1500 per year to $4500. Yes, a house purchase price is reasonable but all in with taxes is a non-starter…
Is it less to run the fire department for 200k homes versus 800k homes? Does it cost less to educate students? Maybe the police officers are less busy in less expensive neighborhoods compared to the higher priced ones? Maybe we could cut the number of police in those lower priced neighborhoods? Although, maybe that’s not the case. Maybe those neighborhoods need even MORE help with the students and have higher crime and need more police? Are the taxes really that high or is it that they are just high relative to the price of the homes? Even at 3% in… Read more »
Good illustration of the tax differential between Illinois and Michigan.
I wonder if any Illinois insiders are investing in those Cannabis shops.
Gun shops/ shooting ranges are apparently another wise business model move, as Gov. Waddles family has reportedly opened their second one in WI, as he clamps down on gun owning in IL. And the compliance rate of reporting all one’s firearms or risking a knock on the door from the ISP? Less than .02 percent by estimate.