-- 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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Leaving county taxpayers on the hook for millions. The taxpayers benefitted from this attempted theft and now the taxpayers will need to pay it back. Thou shalt not steal!
Won’t most of the investors ultimately develop the property in a manner that gives rise to future property taxes? Meanwhile, In a “fair” system, what would former owners do with their “equity” should they get it? Probably other creditors would “pounce” and use the vig for nefarious nabobbery.
The article specifically notes that all states have corrected this practice, except Illinois. There is no inherent right for the county or state to take in excess of what is owed and give it to another third party for free. They are entitled to the amount due and no more. Where are all the screams for equity by the Dems? It would cost nothing for legislators to correct this wrong going forward, yet they don’t. So what is the hold up? Who benefits when these homes are sold for pennies on the dollar? Maybe the same people that wont change… Read more »
Tax sales – a most disgusting and long-time Democrat practice of thievery that is illegal.
This practice was done in both red and blue states. It’s disgusting thievery by both parties.
I’ve lived in several red states -Never heard of the tax sale scheme till arriving in Democrat IL.