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.
Governor WIDE-LOAD is sure to brag about that
There is a reason for the devastation of these once thriving cities: highest in nation property tax rates. P-tax rates are capitalized in property values (high rates=low property values). High tax rates are not the only economic investment killer: attached hidden debt lien on all Illinois property due to unfunded public pensions and the chilling effect of political crony capitalism (no honest competitive bidding allowed). Illinois has many similarities to Gaza. A terrorist government (which decides whom to attack based upon religion and political affiliation, and refusal to bend the knee) was duly elected and remains in power. Region is… Read more »