-- 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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This is going on state wide. Here in Rockford, I pay $6,900 on a $157K home.Teachers at Rockford dist 205 just gave themselves a $20.6 million raise over 3 years. Then the non union school employees including the superintendent received raises. It never ends. Out tax rate is 14.8363% on 1/3rd value. $23,836.98 on a 500K home which there are very few. So our tax’s are higher than Oak Parks’s. We also have pension pickup for teachers.