-- Connecting the dots between our economy, government and business --
"Personal income in California, Illinois and New York declined in 2022 for the first time since 2009 as Covid transfer payments ebbed.... Some states such as Florida and Georgia spent their federal funds on public-works projects. California, New York and Illinois used their allotments largely to cover pre-existing budget shortfalls, boost government worker pay, and bake into their budget new spending obligations. Those will become shortfalls once the pandemic money boom ends. Taxpayers, look out."
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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Another good WSJ article on Fed and State overspending.
The Data Prove Government Is Spending Too Much – WSJ
Had the federal government limited the growth in spending to a maximum of the population growth rate plus inflation during that decade, in 2022 the federal government would have spent $1.6 trillion less than it did, resulting in at least a $200 billion surplus. If the federal government had done this over the past two decades, the national debt would have increased by less than $500 billion instead of $19 trillion.
With mortgage rates at 8%, used car rates over 10%, credit card rates over 20%, and home assessments increasing, illegals flooding in demanding free things, you are about to see the average IL taxpayer get even more poor in 2023 and beyond.
But diversity is our strength!
Democrats are largely a cult driven by wokeness ideology, the mask is their talisman, and like Lemmings jumping off the cliff will show blind obedience till they are no more.
Visual diversity only.
It’s only balanced because of the Edgar (Republican) pension ramp. The budget is balanced according to our laws but not balanced according to true accounting principals. Don’t like it? Change the law to require full actuarial payments. Otherwise the voters on both sides of the aisle are complicit in each and every budget.
“Otherwise the voters on both sides of the aisle are complicit in each and every budget.”
Not true.
And that is why Illinois taxes are so high but are not high enough. Illinois could cut spending but the voters of Illinois would not stand for that. Quite frankly Illinois voters love spending especially when it is other peoples money.
“Some states such as Florida and Georgia spent their federal funds on public-works projects. California, New York and Illinois used their allotments largely to cover pre-existing budget shortfalls, boost government worker pay, and bake into their budget new spending obligations.”
Counting down to the launch of ‘all is well’ screeds from Miller-n-Martire –
3….2….1….