-- 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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It’s not just property taxes. We know most of the money goes to school districts but as Paul Harvey says. And now the rest of the story. We pay sky high property taxes locally but we also pay the states portion via income and other taxes. The state pays approx 30% or so and they get that money from us and they pay for healthcare and pensions also paid mostly by us taxpayers. Win-Win for them but Lose-Lose for us.
I don’t understand the concern about property taxes. It seems to me that the last few elections speak for themselves. The people of this state voted for this. Until they stop voting for this it will continue.
And they keep voting for it. There hasn’t been a bond referendum voted down in recent memory. “It’s for the schools!” “it’s for the parks!” “It’s for the library!” Often at a 2 to 1 ratio too. Overwhelmingly popular. “The problem with Illinois are the people that live here”
What about the other 100+ counties paying too much?
I guess each set of IL county’s residential property taxpayers have to fend for themselves. That makes the state happy, because it becomes harder to make any state-wide changes for the taxpayers’ benefit.
I like Eric Allie’s cartoons, but they are too tiny!
What about Will county property taxes Illinois policy I’m sick of hearing about cook county.
Tax have no choice but to continue higher and higher for generations to come. Pension funding is way short, and the only way out is to pay much higher tax or leave the area. PPF gang has you by the balls.