-- 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
About time. As a senior I am being defrauded year after year by excessive property taxes and other taxes. The taxing bodies treat my home as their personal ATM machines and set the tax rate to cover the expenses of all the taxing bodies of which I use next to none of them. The real fraud are all the taxes to people on fixed incomes. We should not pay school taxes for life but we do. Plus how much we pay is totally based on the value of our homes and properties which if different for everyone. What if we… Read more »
I’m with you there but only partially because most families can’t afford 12 years of payments for each child’s education at rates typically applying in public school districts. So, you’d find children dropping out along the way—just as they tended to do a hundred or more years ago. So, that practical truth has caused every adult to pay the freight throughout their adult years, let’s say. I sympathize with your thoughts and feel a bit likewise, but society needs to have an educated citizenry. Some other taxing scheme might be better, but I do share your sense of aggravation even… Read more »
I’m a senior also, remember politicians don’t give two shits about us, they pretend to act and care about us and throw a few bones and big look what I did speeches, wrong. Care B.S they wish we were gone (dead) were a burden to them. What really angers me is people believe that they give a damn, nothing but a dog and pony show that’s how I feel Freddy.
You haven’t been defrauded. You continue to agree to live in Illinois and as such you will pay taxes according to how local and state voters decide. You can’t claim fraud when you keep signing up for more of the same.