-- 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 main reason of higher taxes on lower property values is PTELL. There are 34 out of 102 counties with Ptell. In those 34 counties taxing bodies could raise taxes by 5% or 1/2 of inflation whichever is less regardless of property value. If your area’s property values decrease by 50% they can double tax rate,but if they increase by 50% they are held to Ptell laws of 5%. It would make a good comparison if you could look into the counties that do not have Ptell to see if the same thing happened or did those counties just have… Read more »