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Mayor Brandon Johnson’s proposal to borrow $1.25 billion to fund affordable housing and economic development raises big questions on how the city will spend the money — and opponents argue it makes a proposed tax hike to raise money to address homelessness unnecessary. The city estimates that it will have more than enough money from expiring TIF districts to pay down the interest on Johnson’s borrowing plan.
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
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.
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That 1.25 billion will be a good start to providing housing for all the newly arrived “migrants.”
Not surprising, this Rube is just doing what comes naturally. Borrow your way out of the hole, get yours while you can and move on. This is a placate tactic that kicks the can down the road, takes the heat off and lets him exist for another year…he’ll worry about it then. $1.25B…that number is staggering to borrow. Little old taxpayers are looking to maybe buy a house or replace a car…the interest rates and taxes kill any idea of that, but the City of Chicago can borrow $1.25 Billion…no problem. What is the debt service on that loan…gotta be… Read more »
AND THIS GUY WILL GET HIS END AND NOT WORRY ABOUT PAYING IT BACK..WOW
At 5% annual interest that will work out to about $62,000,000.00 a year
You hit the nail right on the head.
The guy is just throwing all our hard earned tax money away.
Article link doesn’t open, at least from my phone
Fixed.