Daley warns of 60 percent property tax increase to pay for public employee pensions

Last week Illinois Governor Pat Quinn signed a pension overhaul bill that could lead to a walloping property tax increase for Chicagoans and presumably, other Illinoisans such as myself.

Which led Mayor Richard M. Daley to comment on New Year's Eve with a Halloween-like warning:

The direct result of the governor's actions will be a massive property-tax hike for Chicago residents of at least $550 million, or about a 60 percent increase in our current property-tax levy.

Yesterday the Illinois Policy Institutes's John Tillman discussed the dire pension situation of the Fox Business Network. The graphics are interesting--look for "The Land of Red Inkin" and ILLinois. That's us.

As some time very soon, our onerous pension debt will lead to cutbacks in government services--unless these pension deals are renegotiated.

Technorati tags: news Patrick Quinn pat quinn government taxesillinois politics illinois policy institute labor unions news government politics pensions Richard Daley