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.
America’s Priciest Neighborhoods Are Changing as pension money moves to Florida.Ex Illinois residents are creating a real estate boom in Florida. Lots of cops, teachers, and firemen on huge pensions driving up the market prices. All Thanks to Illinois taxpayers.
The good news for you will only have to pay them for another 40 or 50 years.
Count us in (out) when obligations here are completed.
Last one to leave Illinois, turn out the lights.
Low property taxes, 7% sales tax, no surcharge taxes on meals, no state income tax, gas at 3.16 a gallon in Florida. What’s not to love? It’s no wonder all the rstate etirees move here after 40 years of doing no work.
All of this while the Pension Time Bomb is going off. This is not going to end well for the people who stay in Illinois. Overly generous pensions and lower tax revenue. PPF and the likes of him have destroyed Illinois.