-- 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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When faced with budget shortfalls from declining revenues, politicians often have two choices: cut essential public services—like education, infrastructure, and healthcare—or continue the same old cycle until residents are bankrupted along with the state. It’s important to remember that the wealthy provide the businesses and jobs that fuel the state’s economic growth. When they leave, its much more than just their income, property and sales taxes. They take with them the intellectual talent we rely on in health, finance, and technology. Ultimately, while the wealthy chase financial advantages, their departure leaves the middle class grappling with higher taxes and crumbling… Read more »
And when all the remaining millionaires move out of state because of the tax increase, the average Joe will be left holding the bag.
Exactly
I would suggest a 10% additional tax on Millionaires. Your neighboring states thank you.
I would suggest putting a 25% tax on all political contributions.
that would solve a few financial problems
Brilliant. Let the PACs and corporations bankroll the madness, and make the politicians they prop up foot the bill.
Related points: 1) For their revenue projections, did they consider how many of the affluent would be subsequently moving out of state? 2) If this passed, I doubt the typical middle-class property owner would see much PT relief, if any. 3) Once again, these compassionate and cerebral IL pols want to supposedly provide PT relief, not by cutting spending but by creating another tax – classic IL Dem pol maneuver.
Well Stated!
Dang, (North) American Van Lines is privately held, so not a stock pick.
Their owners are getting wealthy, you can bet they don’t live in Illinois.
The Government unions will go after every dime and then some with no relief in property taxes.