-- 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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No mention in that article about changing the assessment system itself. If I can’t be certain that my taxes won’t double over the course of 1 year, I have to automatically assume they will given the financial state of IL. Those who own will always be forced to pay whatever they tell you to pay — appeals are no guarantee. And if you don’t you lose your home. It’s like paying off the mafia for “protection”.
All that will happen is that R suburbs (NW/SW) will get less money and D suburbs (Everywhere else) will share in the spoils of stealing it from the R suburbs. No thank you.