-- 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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So, if I read this all correctly, the Cook County Assessor, Kaegi, says that it’s not his fault that the Cook County Board of Review didn’t over-rule enough of his unpopular property tax assessments. OK….. 40% of which go to some alderman’s and/or mayor’s progressive special-project-of-the-moment TIF fund, that should have already solved/fixed one of the woke/equity/diversity/underinvested/broke problems with which Chicago remains hopelessly plagued. And that of this $3 billion dollars in annual property taxes, homeowner’s property taxes increased at a far higher rate than commercial property’s taxes because the County Board of Review over-ruled Kaegi’s assessments, and reduced the… Read more »