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.
Once again, nowhere does Mr. Martire even mention pensions. Yet, Illinois pays over 25% of its budget for pensions. The estimated additional revenue from his so-called “Fair Tax” was only $3.6 billion, barely putting a dent in the $140 billion unfunded pension debt. Wouldn’t you think that Mr. Martire, who runs the “Center for Tax and BUDGET Accountability”, would mention the single largest expense item in the Illinois budget —- pensions — at over 25% today — which was less than 4% before 1997? Mr. Martire, get over it. The referendum failed. It failed because the majority of the voters… Read more »
Ralph Martire is a laughable loser. He’s a clown joke RINO scum.
What a hoot! You bet, Ralph. Everything’s fine just the way things are currently running, except that we need a just little more tax revenue to keep doing it that way. Not enough to actually plug the holes in our sinking financial ship, but just enough to keep it from sinking any faster than it is now. Makes perfect sense to me. Oh, and ABSOLUTELY – we ALL trust Springfield to use increased tax revenue responsibly because we ALL understand that 96% of what’s left over after we currently spend too much, but not enough, on public employee union pensions… Read more »
IL has billions in debt or liabilities and yet is still underfunding government? So really there are 2 issues. The need for Bigger government and paying for the over promised pensions. Isn’t that like a person saying I live in a small house, I want a mansion but I have millions in debt then going to their employer stating they deserve more money? How about this. Resolve your debt first then figure out what you can afford. Seems simple enough.
Progressive Taxers are delusional. They refuse to accept that the people of Illinois LIKE THE FLAT TAX. It didn’t fail because of bad messaging, disinformation, or rural deplorables ‘voting against their own self-interest’. It failed because we like the flat tax the way it is and we don’t want it changed. HOW HARD IS THAT FOR SPRINGFIELD TO UNDERSTAND?