-- 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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The day of reckoning will come, when tardy property tax payments truly affect Illinois City Halls’ budgets. I’ve seen the Cook County “book” of tax-delinquent properties, a fat document that confirms notion that many Cook County property-owners can no longer afford their annual real estate tax bills, nor the significant automatic annual tax increases from the various tax-entities. Our Streeterville condo tax-bill has increased by 50% in four years; we paid same price as its seller did five years earlier (before he fled to Wisconsin). Our condo assessments have also gone-up 50%, because our condo board and property manager (Sudler)… Read more »
The concept of retiring (or semi-retiring) and living in Streeterville is attractive. Safe condos, in a safe area, walk to world class medical care, restaurants, theater, museums, shopping, parks and the lakefront. The best of civilization is right outside your door. That is until a pandemic shuts everything down, and the out of control and spiraling costs and tax bills come due. While the coronavirus will soon pass, and the tax bills are just money, unfortunately, the city’s malfeasance ruined the neighborhood for a generation, and all that was ‘good’ about living in streeterville has been destroyed. The city abandoned… Read more »
The problem with Wisconsin are the income taxes. Our combined 250k per year in pension income will cost my family over 16k per year in state income taxes. Here in Illinois that’s all state income tax free. Illinois is great for retirees.
PPF, provocateur? $250k annual pension, and oh by the way not subject to IL state income tax. In your face, you stupid IL taxpayers who fund it.
Gimme a tissue.
Save your tissue for the retirees that live in Wisconsin. We live in the great state of Illinois where retirement income isn’t taxed. I was worried that the progressive income tax would change that but now retirement income should be safe for quite some time. Thank you Kenny for saving me 16k per year.
Sheboygan. Don’t laugh – high quality life-style for all price-points.
It does have Kohler, and the lake, and close to Green Bay for sports. I’ve only been through Sheyboygan, never stopped other than to get Culvers.
I wonder why my city, Palos Heights, is not offering its taxpayers a refund on its property taxes, like Naperville?
Pigs. At. Trough come to mind.
Fire them all.