-- 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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Consider da Dems pols in Illinois and Sheeetcago and their masters da public sector unions like a Black Hole.
How do you stop da Black Hole from sucking in more and more of your wealth via higher and higher taxes.
Get as far away as you can from it.
Illinoisans, vote with your feet and flee da Illinois Black Hole!!
Folks, @ a 6.6% rate, property taxes double every 11 years.
Yup. Inflation causes things to double very quickly. Property taxes are no different.
Spot on PPF but the issue is that it’s really hard for a private sector workers’ wages to increase at rate greater than inflation. Old Joe usually had to line up a new job to get a boost in take home pay.
Average Illinois wage growth was 6.4% over the last year. Very similar to the property tax increase. Yes, job hopping or forming a union helps increase wages as well. The reality is that things cost more money now and that includes government spending.