-- 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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Most new in-fill construction (as opposed to exurban new subdivisions) is ‘luxury’ and costs upwards of a million dollars with taxes reflecting this premium. My neighborhood specifically has the smallest lot size of 50×125 selling in the $300,000’s as tear downs, and mcmansion monstrosities arise in their place, costing upwards of 7 figures. No wonder new construction is so low in Illinois, builders, at least for infill, only target one market segment. I can’t speak for the exurban areas, but from what I can tell, they’re still trying to unload the lots from the last bust out far in the… Read more »
I recently saw a new construction property that had taxes double in 7 years from $7,000 to $14,000. It’s for sale of course, the owners doesn’t want to get stuck holding the bag!