-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Offer landlords a long-term property tax freeze or a 50 cent property tax credit for every dollar of rent forgiveness up to a certain amount. On the flip side, for a renter to qualify for rent forgiveness, they should have to prove financial hardship. Also, the city should be able to come up with a payment plan where the renter is liable to payback 25% of what was forgiven. For example, if you’re a renter and qualify for $3,000 of rent forgiveness ($500/mo for 6 months), the landlord would get a $1,500 property tax credit and the renter would owe… Read more »
More likely grifter pigs like Pritzker and his family will be buying up all these properties at a fire sale like they did after 2008 after everyone goes into foreclosure or BK. Probably hotels and restaurants too. Print money, buy assets. Its a club but you aint in it.