-- 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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Alderscum Sophia King has taken thousands from the developers who want a billion in tif handouts from the city for the Michael Reese project. All applicable city officials were notified including Ferguson, nothing was done. Typical Chicago pay to play.
I believe the Tribune article failed to mention that TIF’s were created to encourage economic development in distressed areas. Perhaps some of these questionable TIF’s can be ‘remanded’?
First Chicago property taxpayer money is used to fund improvements in TIF districts.
Then in the Summer of Insanity rioters damage and destroy some of the improvements.
Then more Chicago property taxpayer money is used to repair and rebuild the damaged improvements.
The teachers are concerned about the TIFs? Where have they been for the past years when this TIF stuff all started? They can’t claim ignorance because they are self proclaimed experts in knowledge.
CTU has been trying to get at TIF money for over a decade. CTU is familiar with every dollar Chicago collects because they feel they are entitled to every dollar Chicago collects.
So, a third of the city’s property tax revenue is in what everybody agrees is a hopelessly nontransparent slush fund.
sounds like they are overtaxing residents by 50%
Yes, TIFs are a source of government power. One of the downsides of Big Government is that it perpetuates itself – in this case the TIF funds incentivize connected taxpayers to continuously act for favors and money. The problem I have with the CTU is that they wouldn’t spend the money wisely either, as Chicago shows there is little correlation between money and academic performance.
The question is How much NEW tax revenue is generated by the so called $926M investment? Will it be the same or more tax’s if the $926M was in new homes and businesses or is it put in properties that get tax breaks or abatements?
Chicago teacher union President Jesse Sharkey opposes children without broadband access going back to the classroom in the fall.
Why does the permanent victim class have money for iPhones, guns, pot, alcohol, ammunition, nail tips, weaves, expensive sneakers but no money for internet or food for their children?
Amazing, so much public money ($50B) funneled into a retirement system and the executive director is fired…no reason provided. Ridiculous.
Fraud he was going to expose pritzker and many others.