-- 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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Hmm, perhaps the solution is to tax Portajohns at the migrant centers.
“The Constitution gives you the right to have some place to live and they can’t tax that. … That’s the biggest clue we have here, is the definition of ad valorem. Here you have people every day paying these property taxes, and it says right on the statement that it’s an ad valorem tax. But nobody knows what the word ad valorem means. If they did they wouldn’t be paying it most likely.” – Steve Emerson Illinois State Constitution, Article IX, Section 5(c) – “On or before January 1, 1979, the General Assembly by law shall abolish all ad valorem… Read more »
“The individual, unlike the corporation, cannot be taxed for the mere privilege of existing. The corporation is an artificial entity which owes its existence and charter powers to the state; but the individual’s rights to live and own property are natural rights for the enjoyment of which an excise cannot be imposed.” – Redfield v. Fisher – Oct. 24, 1930
What a concept…….agree with you!