-- 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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I don’t even know where to start. My BP is skyrocketing and have 911 on speed dial. First the mayor touts that the tax “rate” has come down which is true but with PTELL in place taxes on properties are higher because they can collect what was levied NOT billed or collected the year before. Year after year my taxes go up regardless of home value. Taxing bodies get the same money or up to 5% or 1/2 of inflation whichever is less so now they may ask for the full 5% for this years cycle payable next year. Most… Read more »
Inflation causes prices to go up. Including salaries and benefits for public employees. This doesn’t change just because Rockford property values are flat or declining. It just means you live in a community where others don’t value. You can certainly wait and try and recoup your losses but realistically nothing has changed in the Rockford area to make anyone think it’s going to get better. What business drives the Rockford economy? Schools and Hospitals are all that come to mind. One of those is paid for by the very taxes that are increasing. Good luck to you but realistically it… Read more »
They are beneficiaries of the high property taxes, why in the world would contacting them make any difference?