-- Connecting the dots between our economy, government and business --
Residential property tax collections have grown three times faster than incomes in Illinois since 2000. The Wirepoints report with background research is linked here.
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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Great article Mark ! I feel your pain, total taxes here in Maryland are also too high.
Even worse than your 105% increase in 17 yrs, as I calculate it.
$9.2B to $19.8B is a 115% increase (or 114% if the unrounded #s were ~ 9.24B to 19.75B
Must be ALOT of underwater mortgages in the state !