-- 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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I still don’t understand why the value of your property (whether paid for or underwater) determines the costs of local taxing bodies. If my home is twice the value of my neighbors why do I pay more for all the exact same services and if it is 1/2 value I pay less. Last I checked there is no net worth tax in Illinois. The only tax all property needs are police, fire,roads everything else should be a “Use” tax like if you need public schools the people that live in the property should pay for it. WE are required to… Read more »
The property tax is a wealth tax on your personal asset, house. Since your property is valued more, your tax is higher.