Too Bad, Illinois

It seems that Illinois residents are not happy about this.

...An audible gasp went out in the breakout room I was in at last month’s pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years....--quoted at AOSHQ

Well, now.  The Fed's Boy Genius forgot something:  when the payment goes UP, the selling price goes DOWN.  So yah, all those people will see a whack to their net worth.  And when the selling (market) price goes down, so does the tax revenue this Boy Genius is hypothesizing.  That's called a "death spiral."

But if they think that this massive debt will be "fixed" by US taxpayers, Illinois residents can think again.  So think very carefully, Illinois-boyzzz.

Best alternative:  reduce all your public pension payouts by about half.