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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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It becomes increasingly obvious that BJ and his cabal don’t have the authority, influence or experience to bring any of of their ‘additional revenue’ must-haves across the finish line as quickly as they need to get them done. The starting gun went off months ago, and they aren’t even in the blocks yet. They can’t explain how all of their new progressive social-worker-on-every-corner-n-chicken-in-every-pot programs will actually work – boots on the ground, so to speak. They can’t tell us how much all that stuff will actually cost. They haven’t shared any credible plan for measuring how well the stuff works… Read more »
GG, being a prog means you never have to explain……
At same time City Hall burns through $50 million/month for cost of maintaining new lifestyle accommodations for illegal “asylum seekers”, apparently at insane expense of $10,000/migrant, Johnson also intends to additionally tax his ever-diminishing population of actual tax-paying taxpayers legally residing in Chicago. Nuts.
A city income tax would turn the current steady flow of residents leaving Chicago into a balls-out jail-break
Yes, Chicago can get an income tax, but only with the support of the Illinois legislature and Governor. Rumor has it that the City is already trying to figure out the lobbying team to push the idea in Springfield. Plus, the topic has come up to expand the tax to a regional income tax covering multiple counties, similar to Metra, the Water Rec Commission, or RTA coverage. There is no feasible way to generate the revenue that our new Mayor is looking for other than an income tax of some sort and some broad geographic coverage.
Yes, this will be the answer. Some regional tax that goes to mostly to Chicago, with the suburban politicians told to get in line or get primaried. That’s how the IL legislature works. Get in line or we’ll kick you out of the party. That’s why every bill passes with D vote on every bill. The one ‘progressive’ ordained Rabbi who voted ‘present’ instead of ‘Praise Moloch’ on the abortion bill was primaried months later and kicked out off the legislature by someone even crazier. Whatever the leadership decides will be, will be, and the legislators will all in get… Read more »
Don’t forget to include us downstaters. We love paying taxes that get vacumned up by Chicago.
More taxes will fix everything. Give Chitty workers a raise and cut their hours of work. Democratic math solves everything. More and more people will leave the Chitty and the State. The straw that broke the camel’s back is happening.
In the early 80’s I lived and worked in NE Ohio – paid like a 1% city income tax to the town where my employers facility was. NE OH was very affordable and a very pleasant place to live. I did not own a home at the time, but I never heard about high property and sales tax till living in IL. I also never heard of public employee pension multimillionaires till living in IL.
Chicago and IL have a spending problem, not a revenue problem.
Spot on Jack. Detroit has had a city income tax since the 70s and it shows….
Correction, since 1962. Old Joe paid it back in the 70s and paid the City of Pontiac in the 80s.
Note to Brandon: Ken Griffin has left the building…..
Whatever you tax, you get less of.
Better idea, fire everyone, and I mean everyone. Outsource just about every department possible to the lowest bidder. Dont hire back anyone in a union role that can be outsourced. At this point the city exists as a union slug / parasite make work program and should just be imploded. The savings would be huge and the already terrible service wouldn’t even change.
Dream On