-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
I’ve been saying for quite some time, the state has plenty of options to increase tax revenue. It’s only a matter of time before services are taxed.
I’m going to add that the state also has plenty of options to decrease spending. Why don’t we try that before increasing taxes?
I’m all for that. I’ve lived in Illinois long enough to know that the voters don’t support candidates that talk about cutting spending. Until that day, more taxes are on the menu.
I’m having trees cut down in MN – and will be paying 9.5% in sales tax on a service.
Dang!
Remember when Reagan Said – when it comes to Government – “If it moves, tax it”. Illinois is the epitome of this. Highest Taxes in the Country, Democrat owned and most corrupt.
Wonder if Pritzkers tapeworm realizes that “freelance so-called journalism” is likely a service to be taxed by his master? Handing over his pennies from Crap Fax and parroted press releases like this will be painful for this parasite. Funny to think about parasites sucking the blood of other parasites. Pritzker’s Illinois in a nutshell.
The taxes in Illinois are already the highest, or in the top 2 – 3 highest, of all states in the country. To think of increasing taxes further is insane. To increase taxes to fund an activity where there is much less citizen demand now, such as taking mass transit to downtown Chicago, is way over the top. The attraction of downtown / Mag Mile has been destroyed. Only new thinking, like a transit line connecting, Naperville, Oakbrook, Schaumburg, Arlington Heights and Vernon Hills may merit consideration. That is where people go now.