-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Not nearly high enough to cover the Pension Time Bomb. Doubling taxes for years to come. Billions of dollars in debt to the free loaders.
Woodstock Illinois residents (median household income/median priced homes) pay over 10% of income in property taxes alone. Woodstock property tax rate is 3.6% of full fair market home value. Illinois discrete regions’ property tax rates are highest in nation individually. Illinois property tax rate being second to New Jersey is only due to averaging high tax rate regions (all collar counties, most of Illinois outside Chicago) with Chicago’s relatively lower rates. TIF coverage of most Illinois municipalities ensure that property tax rates can only rise, as TIF properties create massive new social service cost burden which is, by law, to… Read more »
Susan,
My property tax rate in CO is 0.6%.
Maybe time to move west?!
Da Judge