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.
The machines economist, martire, makes no mention of the COVID $bucks$?, or what happens when they’re gone?……who’da thunk
I can give Ralph Martire props on but a single point, his consistency. Martire is simply unapologetic about government spending. No program isn’t essential. My accolades end there. Refreshingly, Martire admits that tax revenue hasn’t increased nearly as rapidly as tax expenditures. Businesses and productive taxpayers are fleeing Illinois. Horrifyingly, Martire doubles down on the policies and “priorities” that make Illinois’ situation ever more perilous, further aggravating the exodus of taxpayers and their wallets. The fixed costs, mostly the increasing costs of borrowing and spending, represent 28.4% of total outlays. The borrowing costs are rising because Illinois keeps swiping the… Read more »
Another Ralph piece with a bunch of gaps. One thing he needs to start considering is how the state’s stagnant population is impacting revenues. Illinois’ tax base is getting smaller and older (retirees are exempt) while there are 200K less students enrolled in K-12 education today than in 2000. The state has no natural growth to overcome the impact of inflation. But he continues to cite numbers from Y2K as if that’s some barometer for what the state should be spending today. It ain’t.
Different world, Ralph. Turn off Matchbox 20.