-- 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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Misuse of TIFs needs a full federal corruption probe
It isn’t clear whether author actually doesn’t understand TIF, or is deliberately misleading.
TIF RAISES property tax rates. Non-TIF properties must subsidize the profits of the TIF-granted developers. For 35 years (and there is a lot of inflation in 35 years).
How?
When residential/commercial new construction creates the need for schools (additional expenditures due to increased student enrollment), roads, police, fire&rescue, and other mandatory social service provision, virtually all of those additional expenses must be paid by non-TIF property owners. For 35 years of inflation.
Does the author understand this or not?