-- 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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Illinois is among the highest-taxed states in the country. Somehow Mr Martire believes we have lived for generations with flawed tax policies that forced Illinois to underfund core services.
The problem is not that we’ve lived for generations with flawed tax policies. We’ve lived for generations with public unions and politicians in collusion to bleed the state dry.
Here is a thought. Eliminate the TIFs and put the funds into the pension systems that have been a mess ever since Edgar devised his ramp system that hasn’t worked other than to provide more spending money for the politicians to create new feel good vote buying programs. I didn’t read that in the article so I assume my idea would be DOA by the politicians and voters who love those programs
Use the Tier 2 problem to raise taxes. Got it. “Never let a good crisis go to waste” strikes again.
I tried to read this nutty Martire word salad piece twice and can’t figure it out, other than all the debts Rauner fault and I’m not paying enough taxes? But can anyone explain what Ralph means by a “modern economy”? Is Ralph’s “modern economy” what we are stuck with in Illinois with $100s of billions in debt & zero gdp growth vrs a Florida or Texas, etc, or a zero debt Wisconsin?
I believe he is referring to how the economy has changed from a manufacturing economy to a service economy. When I read that I took it to mean we need to start taxing services.
Why stop there.
Raise taxes higher and higher on beer, Big Gulps, TP, cigs, etc.
My buddies in Illinois either drive to IN, IA, MO, WI, etc. for their beer, cigs, etc.