-- 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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Good old Squeezy the python, just tightened
A little more, more spending and more taxes
Just what the doctor ordered.
Like a leaking faucet we loose more people,
The recession is heading down the main line
It will get here and we are in for a world of
Hurt.
In my mind at the moment Illinois’ predominant goal is to provide headlines for Pritzker’s presidential run.
More denial of a revenue and population decline by the Democrats in one party IL. Is the public in clueless denial?
It makes sense they would deny that revenue has declined. You know, considering that it hasn’t declined.
As many have pointed out, revenue has increased because of the plethora of tax hikes on things like license plates, increased gas taxes, property taxes and so on. Not increased revenue because the IL economy and population is booming.
Revenue has increased, as I showed the other day to PPF, at the rate of inflation during JB’s terms. State revenue is effectively treading water, at best; and with the plethora of tax hikes, there really isn’t much growth. Income tax revenue has increased greatly, but again, only at or near the rate of inflation, and that’s not growth. The government has increased costs from inflation too which dampens their ability to spend for new progressive projects.
most of them……..or just don’t care anymore
Pew analysts obviously don’t understand the situation. Plenty more taxes to be raised. If people object, they should just leave the state. Nothing to be concerned about.