-- Connecting the dots between our economy, government and business --
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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How many of these Mayors voted for this clown? I bet all are democrats!
Keep voting democrat fools!
When the income tax was created in 1970, a key element of getting municipal support was the establishment of revenue sharing and local governments receiving a percentage of total income tax collections. That share went untouched until Quinn hiked the state income tax in 2011 and essentially remained flat while the income tax increased. If Pritzker is attempting to lower it below that original percentage, then he is violating the spirit of that agreement and “diminishing and impairing” local govt for his inability to manage the state govt.
What” the problem? Look at the bright side as sales tax dollars are being diverted to fund the Chicago Convention Center. See, all is well in Illinois.