-- 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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Large expensive homes will no longer appreciate in value in Illinois, no matter what neighborhood they are in. They have hit the knee in the curve. The dwindling supply of buyers for such homes and the exhorbidant property taxes and the fact that the next generation does not value home ownership as much. That generation values more experiencial spending. Also the average age of people in million dollar homes is closer to retirement and who wants to live in Illinois winters during the autumn of their lives. As more of these homes hit the market, those who get out first… Read more »
Yes. If you must live in Illinois for a few more years, switch to renting so you aren’t stuck with a home you can’t sell when the collapse occurs.
I think it’s safe to say that a large majority of the $200,000+ earners are white. So while these states are ripping the cash out of their pockets, their liberal politicians are also calling them racist. Why should successful people stay where they aren’t appreciated?
“Among the five states that experienced the biggest net drop in adjusted gross income – Connecticut, Pennsylvania, New Jersey, Illinois and New York – around half of the income those states lost came from people earning more than $200,000 a year.”
So, about that progressive income tax…
If Jabba thinks the exodus is bad now…