-- 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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Just wondering and perhaps someone will know; does Rockford have TIF districts soaking up tax funds?
Yes there are 31 Tif districts mostly smaller areas. Only a few made a little money like The River District and 7th street. Rockford up to very recently had depreciating property values for many years. The cost basis of a property in most TIF districts went down in value so no gain. Properties must go up in value from the cost basis other than the ones I mentioned which are doing better. Prairie Street Brewing in River dist is doing real well because it is on the river near downtown. Check out online. Maybe parts of Rockford are on the… Read more »
Those employees who own homes in the municipality where they work should be permitted to pay their property taxes directly into an earmarked fund within the pension plan. The fund would be invested in FDIC insured accounts administered by an independent trustee and dedicated to the employee’s own pensions. At retirement, those funds would be used ratably over the employee’s life expectancy with any remaining balance paid to the employee or retiree at death. In plans to which employees already contribute [whether or not under a pick-up arrangement] those contributions would continue as presently. There might be a way to… Read more »
Pretty soon, all of Illinois will look like the rest of Illinois.
I went to Rockford the other day for business, that place was so abandoned it looked like Chernobyl. Empty buildings everywhere.
There are still numerous abandoned homes and buildings in Rockford. Tax’s are extremely high but property values are up about 6% citywide. The pluses are Anderson Japanese Gardens are rated #1 in North America check their website for photos amazing/Chicago-Rockford airport has huge cargo shipping and growing. Hard Rock Casino is probably? going to get license which will then be at the former Clock Tower Site. $515M Mercy hospital was completed last year. There is well over $1Billion in building going on like schools/hospitals/etc but of course no property tax’s on most projects. Do these +’s outweigh -‘s not yet… Read more »
Summer 2005: federal agents and police record over a thousand hours of surveillance footage inside a crack house in Rockford Illinois.
https://www.youtube.com/watch?v=lRuxedRI2q4