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Summary and audio linked here.
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.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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The Fair Tax was the single biggest failure of Martire’s career. Democratic majority, billionaire governor with an unlimited budget, and an army of deep-pocketed advocates all shilling the tax plan he crafted. Never before were the stars aligned in his favor. They blew it. Martire still can’t get over it.
Massachusetts seems to be doing just fine with a flat state income tax. Ranks near top nationally in education, health care, and infrastructure while having a lower overall tax burden than IL. Meanwhile, New Jersey has a graduated income tax and is just as messed up financially as Illinois. But why let facts get in the way?
Team Ralphie has a bit of an ethical problem. He admits that covid has nothing to do with budget mess, when he writes–“That said, the crux of Illinois’ fiscal problems have nothing to do with COVID-19, and everything to do with structural flaws in the state’s tax policy “. But whats the state going to spend its projected $7 billion (& $6 billion to municiplalities) fed covid bailout money on? All on covid, i doubt-simply because there’s not that much covid debt. But, instead to directly or indirectly make a minor payment on the massive pension debt for upperincome public… Read more »
Rule #1 for liberals discussing Illinois fiscal problems – do not use the word “pension” in the entire article. Don’t mention that spending on “core” items has been squeezed by massive pension payments. And liberals whine constantly about “misinformation”?
Exactly. What an incredibly slanted article not to discuss decreasing spending, only increasing revenue. There’s no mention of reining in bloated salaries, pensions, and health care benefits. Imagine if they reined in these things. There’d be no increased revenue needed.