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.
Short term at best. In the long-term taxes will rise much faster than incomes. Look out below, there is a HUGE PENSION TIME BOMB going off that has to be paid for by generations of unborn children. As people Flee Illinois the taxes must go higher and higher. This is worse than cancer. The good news is the Chitty of Chicago cops are enjoying warm weather in Punta Gorda, Fl. on the taxpayer’s money.
Here’s a thought;
Use that $2 billion to reduce the 2023 property taxes of residents and businesses that actually paid property taxes in 2022.
Don’t hold your breath. Ain’t happening in our lifetime – or ever.