-- 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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If the politicians in this state were paying attention, they could have taken the $1.6billion they spent on healthcare costs for illegals and refunded it to taxpayers. Seems like proof they are collecting too much tax revenue when a dollar amount of this size can go unchecked, blowing past appropriations, without repercussions.
They are running over $5 billion in deficits by shorting pension payments. You are not getting any money back as long as our budget isn’t truly balanced.
Alas. Pensions Paid First is correct.
1 percent cap for homesteads, stop all these task forces and relief plans that aren’t going anywhere. Put it on the 2026 ballot for a constitutional change, end the game of cat and mouse.
All that would do is increase taxes elsewhere. If you want property tax reform you will need to agree to raise taxes elsewhere.