-- 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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Why don’t you switch parties and run for governor, Paul? Repubs have a weak bench and Illinois Dems are moving too far to the left to keep the burbs.
I’m grateful that I sold my Chicago house last year and relocated to Florida. The only thing I miss are my wonderful neighbors. It’s a breath of fresh air living in a red state. I haven’t seen any graffiti in my town, no red light or speed cameras, no state income tax, low crime, lower property taxes, citizens support law enforcement, and no catch and release when it comes to criminals. The list can go on and on.
Same for me. Moved to Tennessee almost two years ago and was one of the best decisions of my life!
Leaving within 2 yrs. Just need to finish my professional career… moved here 11 yrs ago for work and can’t wait to get out. It’s a city and state with such amazing possibility, but it’s being driven into the ground by out of touch politicians AND the voters that keep electing them.
Socialism is great until you run out of other peoples money (Thatcher).
Good article. Not included, or perhaps for a follow up article, which of the Leftists Democrat ‘leaders’ care enough to really solve these issues? We certainly know already it is NOT Pritzker.
Some of my relatives, coworkers, former classmates who lived in Illinois did not hate the state as much as I did. I made the mistake of buying a home in Chicago. Crime in Portage Park has just gotten worse. (Portage Park is famous for its rat/rodent problem as well.) Also, too many scandals at Chicago City Colleges. I don’t trust the city, and crime victims don’t have a voice. It was a relief for someone like me–lower middle class/almost middle class–to move out of Chicago and finally out of Illinois. Reading Illinois Pension Scam also influenced my decision. However, to… Read more »
However, to be fair, people I know who bought a house in Woodridge or some nice suburb did not seem as outraged as me.
Not EVERYBODY who lived in a nice suburb took it lying down. I’ve been eight years gone myself from the DuPage / Will County area.
Where the folks in Woodridge and other spaces will be hit with the Clue Bat is when going to sell their house and finding someone to pay the extortionate property taxes AND mortgage payment monthly. Haircuts will be handed out, and they will be painful. Been there, done that.
That’s been the theory for some time. Yet just yesterday WP had a story noting that asking prices are up hitting record highs and homes are receiving multiple offers. Almost like taxes are only one component when choosing a home location.
https://wirepoints.org/asking-prices-for-chicago-area-homes-hit-record-highs-last-month-crains/
Well there is the “Greater Fool” theory of purchasing and investing. And that article does enough cherry picking to make a nice cherry pie. St. Charles, Barrington, Lakeview. Oh yeah, typical Chicago area neighborhoods.
But yeah, I’m lying about the $30K under purchase price offer we got to finally sell our home. Never happened because someone in Barrington got over asking price. None of my relatives who left Illinois lost money on their houses either.
You’d better pray enough stupid rich people move into the state or are transferred to the state to willingly get soaked tax wise.
Illinois State flag should be the skull and crossbones. The Statue should be that of the grim reaper.
Illinois is being suffocated by high taxes to pay for high pensions being spent in other states economies. High income earners and job creators are the people who are leaving at the largest numbers. The future is grim.
Just the facts. Vallas highlights every failure of IL government, taxes, education, excessive government units, and crime. Not the rosy proclamations of Pritzker about how wonderful IL is. When is any Democrat going to acknowledge the obvious population losses and the reasons for it. Sure, they talk property tax relief, but where is it? Whenever they ease one tax, like the grocery tax, they increase another even more. Those of us who have left just shake our heads at those stuck there and celebrate the reasons we left.
and DT is their tailor made, perfect foil.
Public sector unions and their criminal co-conspirator Democrat Politicians are the core of this rot. Until public sector unions are destroyed nothing will change.