As Illinois property tax bills rise and state pensions edge closer to insolvency, Wirepoints founder Mark Glennon joined Chicago’s Morning Answer with Dan Proft and Amy Jacobson to dissect how state policies continue to drive residents out, drain home equity, and jeopardize long-term financial stability.
Glennon’s latest analysis, paired with national reports, paints a dire picture for the Land of Lincoln, where five of the top six metro areas in the nation for property tax burden are in Illinois—including Rockford, Peoria, Champaign-Urbana, Springfield, and the Chicago metro region. Yet despite this, spending pressures and calls for even more school and higher education funding continue unabated.
Property Taxes with No End in Sight
“Property can’t leave,” Glennon said. “They know where to loot taxpayers. It just gets taken out of your home equity.”
Wirepoints recently highlighted that 27 of the 50 highest-taxed counties in America are in Illinois. Despite this burden, state and local officials offer few solutions to control spending or ease tax pressures. Instead, property taxes continue to rise as state services falter and the budget remains deeply in deficit.
Chicago’s most recent budget plan is projected to run a $1 billion shortfall this year, with a $1.5 billion deficit expected next year. Yet, as Glennon noted, there’s still no serious discussion of reform—particularly in the area causing the most fiscal pain: public pensions.
Pensions on the Brink
Proft raised the red flag about the impact of the stock market’s recent downturn on already-troubled pension systems like Chicago’s police and fire funds, which are less than 25% funded.
Glennon agreed the outlook is worsening. With both stock and bond markets struggling, he warned that major pension funds across the state could soon be unable to meet obligations to current retirees.
“We’ll see really bad numbers,” Glennon said. “Smaller, less-funded pensions are getting whacked from both sides.”
Learning from Mississippi
In stark contrast, Glennon pointed to Mississippi’s newly passed public pension reforms, which introduce a hybrid system for new employees beginning in 2026. That plan is projected to reduce long-term liabilities by $80 billion over 50 years.
“States like Mississippi and Arizona are doing the hard work of reforming pensions,” Glennon said. “Meanwhile, Illinois is still ignoring the problem—or worse, going backwards.”
Illinois’ constitutional clause that protects public pensions has been used to strike down reform efforts in the past, most notably in 2015. Since then, no serious attempt at structural change has gained traction, even as liabilities climb past $140 billion.
“Jobs Magnet” Narrative Doesn’t Hold
Governor J.B. Pritzker recently claimed Illinois is a “jobs magnet,” citing a new record in non-farm payroll numbers. But Glennon dismissed the headline as political spin.
“There’s no real improvement in 17 years,” Glennon said. “Back in 2008, Illinois had over 6 million jobs—now we’re barely above that. Calling this a record means nothing.”
Wirepoints published a report directly rebutting the claim, labeling it “chump bait” meant to obscure the state’s stagnant economic growth compared to national trends.
The Federal Lawsuit and Sanctuary State Policies
The conversation also turned to Illinois’ sanctuary state status and the federal lawsuit filed by the Department of Justice to halt funding to cities and states that obstruct immigration enforcement. Nearly two dozen state attorneys general have filed briefs in support of the lawsuit.
Glennon said the lawsuit is justified and overdue, especially given Illinois’ ballooning migrant crisis and lack of any clear plan to manage it. The state is currently hosting as many as 600,000 undocumented immigrants, straining public resources, increasing housing costs, and intensifying political backlash.
“There’s no plan. No accountability. Just slogans,” Jacobson added, referencing the high-end strollers and designer clothing she observed at a migrant shelter over the weekend. “Taxpayers are being taken for a ride.”
Illinois: A Net Taker, Not a Giver
Glennon closed with a grim assessment of the state’s role in the broader national economy.
“Illinois is now a drag on the national economy. We used to be a net contributor to federal revenues. Not anymore. We’ve become a dependent state,” he said.
He emphasized that federal pressure—through funding cuts or legal action—might be the only force capable of compelling real reform in Springfield.
Wirepoints’ latest warnings highlight a state in fiscal and institutional crisis. From soaring property taxes and unfunded pensions to economic stagnation and migrant housing chaos, Illinois continues to test the limits of what taxpayers are willing to tolerate.
Yet despite all evidence, election results remain largely unchanged. “Don’t be a chump,” Wirepoints urges. But if voters continue to ignore the dots that need connecting, the state’s financial and political leadership may never be held accountable.