-- 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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It’s not just the tax sales which contribute to theft of equity it’s the high property taxes themselves that lead to loss of potential gains in equity. Theft of Equity by excessive taxation should be a crime. My home value in Rockford has gone nowhere from $185K in 2007 wait a moment to a whopping $211K in 2023. A whole $26K in 16 years or $1,625.00 per year. Yippee! In the meantime I pay on average over $7K in taxes or $112K total since 2007. In most other parts of the country with low taxes property value skyrocketed so selling… Read more »
A decision that has been long overdo.