-- 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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Drive through the Westside, Roseland or Englewood and ask yourself why so many empty lots and abandoned homes. As assessed values are raised and inflation increases the replacement cost, people can’t afford the taxes let alone the cost of property insurance. It makes just abandoning the property a viable solution. The population of Chicago hasn’t really varied to much in 50 years but responsible tax payers are being replaced by people with no stake in the success of the enterprise.
Another way they raise taxes. Looks like you really don’t own your home, just another fake scam the government convinced people of.
That’s not how property taxes are raised. If everyone’s home increased 27% then everyone would pay the same percentage as before the increase. Homes that experiencing more appreciation are taxed more than others that didn’t. The best you could claim is that this is how property taxes are shifted from some owners to others.
The west loop has declined? Well then other property owners will need to pick up the tab. That’s how property taxes work.
Migrants have to eat too.
On their OWN dime!
Our old friend Squeezy the tax python shows up again. He is fat and happy just like his old buddy Pritzker. Keep raising CHICAGO taxes
Keep them both fat and happy.
Actually, Squeezy’s pet parent Pat Quinn is looking pretty good compared to Governor Nero.
The problem is that Kaegi is in office for life, or until he decides to move on. Our election system where the primary is the ‘real’ election, run and slated by the local Democrat Party, doesn’t allow for any competition. Unless, of course, a politician gets on the bad side of the Party, and they primary the candidate, and that candidate is basically guaranteed to lose. As Iris Martinez, the Cook County Clerk of Court, who defied the party and dared to support non-party approved opposition in races. The Party slated a candidate to replace her, and the Dem-Party approved… Read more »