-- 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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If this should pass the Illinois exodus could become astronomical, this has the possibility of destroying Illinois into oblivion. Homeowners are struggling now to pay there exuberant property taxes along with businesses, looks like Illinois will be the new home to illegals after all.
This article is only partially correct. It may be true in a non Ptell county but in a Ptell county any tax reduction due to winning an assessment appeal or abatement even the homeowners exemption is passed on in the form of a higher tax rate. Under Ptell the taxing districts will never get less than the previous years total levy (not billed or collected).
Seems like this would bypass the right for people to vote for Ptell if they wanted it or not in their county. Only 38 counties out of 102 have this. Another sleight of hand maneuver.