-- 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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Property tax’s are higher than the mortgage hear in Rockford. There were no breaks of any kind given to homeowners. With interest rate at historic lows many could still afford the mortgage but not the tax’s. You can negotiate with the lender but not with tax’s. Rockford allowed partial payments for the first time for tax’s but you still must pay in full by due date. Does not help at all. Look at all the shopping malls and businesses closed but tax’s must be paid. Tax’s are approx $44,300 per million value here or 4.4% total. So how as a… Read more »