-- 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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The taxing bodies will not lose any money regardless of how much is collected thanks to PTELL. The tax rate will go up to compensate.
Yup, Cook County and its taxing entities can continue to levy ever higher taxes. And they do so. But increasingly more property owners can’t afford these exorbitantly-levied taxes, so more delinquencies will continue to accrue. Suspect that delinquencies among commercial and industrial property-owners, office high-rise owners, will begin to affect budgets at county and municipal agencies soon. Don’t think that downtown office building owners, with currently huge vacancy-rates, are paying their current real estate taxes in full if at all. For these guys, it’s far more cost-effective long-term, to turnover ownership of lender than continue to service loan. Hand-off the… Read more »
“ Where’s my end “ from residents of municipalities that collect slightly more than half the taxes owed on a good day. That’s rich.
Tax collection increase is hubris , it will not
Work. Knock everything down and return to
Farming. Go ahead send a lot of money into
The pit, your return NOTHING. Give out free homes, free water, free gas/electric, free
Trash pick up, free insurance, don’t forget the free car, how about a Tesla. Give it all
Free one question who the hell is going to pay for it not me I will pack up and move to
A rational state. Whoever or whatever is left
Here good luck it will not be pretty .
Developed parcels are stripped of their topsoil. Can’t farm upon demolition debris. Would need to import soil to cultivate vacant parcels.
Good point I should have remembered this from my early childhood on the farm.