-- Connecting the dots between our economy, government and business --
“There was a lot of weakness because Chicago was exposed to property tax changes coming to Cook County, and all the uncertainty that comes with it,” said Jim Costello, senior vice president at New York-based Real Capital Analytics.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Oh these carnival barkers and naysayers, our new even more unfair tax will solve all our problems.
Look, IL residents have paid $13,000,000 in cannabis taxes. 13 million! At this rate, our billion dollar backlog in unpaid bill will be paid off in 30 years!