-- 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 doubt they will this time but eventually they will get improvements to tier 2. Although, maybe after the “big beautiful bill” passes that increases the SALT cap deduction from 10k to 30 to 120k per year for joint filers. The state could raise taxes to cover the increase in benefits and it will be less noticeable. Throw in a new service tax to help out Chicago transit issues and now you’ve got something.
Just kidding, we are all know that Illinois is the highest taxed state in the union so they can’t raise taxes any higher.
Who will buy the foreclosed real estate? … Trashed houses and empty office buildings?
I would imagine the same types of people that have been buying real estate during the “EvErYoNe Is LeAvInG’ phase. While the price increases weren’t as good as some other areas of the country, home prices continued to increase even though we had population decline. Of course, you could be right and more people will start to leave. If it’s ever enough to soften the real estate market we will see lower prices and that will cause people that currently live in Illinois to be further priced out of markets in other desirable locations. Many people have already experienced this… Read more »
May ? Bet the ranch they will.
I am sure they will…if it screws over the tax payer and benefits the union government employee…it shall be done.