-- 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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If there were no state income tax, I would say property taxes deliver value. But our property taxes are even higher than states with no income tax.
Actually they do deliver value to unionized government employees bloated salaries and early retirements with paid health care.
Old Joe,
You got that right.
IL property taxes are 4 times as high as my property taxes in CO.
IMO its all a massive racket by the Dems and their masters the Illinois public sector unions!!
My old shack in Detroit is currently $2200 per year! Yep, you read that right and it’s one thing I miss besides cheaper gasoline.
A few years back here in Rockford property taxes were 6-7 times higher than in CO. Tax rate was 15.25% on 1/3rd value. The taxes were higher than the mortgage and still are in most cases. In the neighborhood where my rental is taxes average around $7,500 on a $200K home. A few blocks away taxes are over $10K with some at $14K on a $370K value. Insane!