Friday, March 13, 2009

Take a Hike

Here's an article shedding some light on how newly-appointed school board president Michael Scott plans to fill the $475 million budget deficit for next year. And by that, I mean, it doesn't shed any light at all. Someone should send the memo to Scott that property values are down about 11% in Chicago in the past year, and by the time the recession is over, they're expected to be down 20%-30%. Not only will property tax hikes not raise enough, I'm not sure if raising property taxes would actually net any money at all. Am I wrong on this?
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2 comments:

  1. AnonymousMarch 13, 2009 at 10:51 AM

    This will be an interesting story to watch. To think that the city has a $475 million budget deficit is amazing. With people cutting back their spending in these tough times CPS needs to do the same.

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  2. AnonymousMarch 13, 2009 at 5:49 PM

    Well, we just got $1 billion in stimulus cash, so that'll help at least for the next couple years. I heard on the radio today that, for the first time in decades, Illinois (i.e. Gov Quinn) is planning to raise the income tax. Though not desirable, at least that idea isn't totally in fantasy world. Some would even argue that it's more equitable than a property tax-based system (as long as you lower the property taxes after raising income taxes, which, they'll probably forget to do).
    I mostly posted this piece to outline the fact that Scott evidently doesn't follow the news, like, AT ALL -- and he's now our fearless leader. At least he isn't a paid employee.

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