-- 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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Chicago property taxpayers don’t know how good they have it. They pay below 2% property tax rate. Woodstock Il has ranged between 3% and 4.7% for over a decade. Most collar counties now range around 3% and busted out regions like Harvey are beyond salvation at 8%+. Naturally this crushes (non-TIF) property values. If Chicago gets to 4% property tax rates they may start voting/not voting differently on imprudent fiscal policy. A note on commercial residential property taxation: its assessment is based upon its income-producing value. There are rules of thumb for assessors about the percentage of gross revenues which… Read more »
Makes perfect sense! They take a beating courtesy of Lori so will raise your taxes 130%. I wonder when they’ll burn them down for insurance.