-- 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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How many of these homes were assessed based on comparable sales? If the assessor just pulled a number out of a hat that would be different. Median home values in Boulder,CO are now over $740K when in 2009 they were around $300K. Taxes on the $740K there are a little north of $4,000. I would trade in a heartbeat. My home in Rockford is still down from purchase in 2008. All I have seen is mostly Depreciation of value but Appreciation of taxes. Homes here in Rockford are not an investment but a liability and an ATM machine for the… Read more »
There will be no magical turnaround or happy ending for the IL homeowner; so, it’s time to cut your losses and scoot.