-- 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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This doesn’t factor in the riots, I mean peaceful protests. My neighbors house (Dupage County) is for sale and I spoke with the broker. She told me they are seeing a lot of buyers from the city, this was after the peaceful protests.
Not too long ago the common refrain was pass the property tax hike to protect your home investment.
The Grrreedy Taxman has taxed away your home equity.
More of this to come, Taxes destroy property values.
Sell while you still can, soon there will be no buyers at any price.