-- 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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I would like to see a 1% residential hard cap and maybe a 2% commercial cap. What that would do is increase property values quickly. Then most of your mortgage would go to principal not tax’s. With a much higher total EAV taxing bodies would recover lost revenue quicker. In addition like Indiana to recover revenue institute a 1% local county by county income tax. Cook and heavily populated areas and higher income areas would be hard capped at no more than 2% or less for income tax. This would lessen dependency on real estate taxation.