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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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Pritzker is an arrogant son of a gun. Just a few years ago, residents voted soundly against his effort to change the state constitution to allow a graduated tax. It was an embarrassing situation, as the voters basically said “we don’t trust Illinois politicians”. But here’s Pritzker, coming back around, trying to intimidate voters with the threat of even higher property taxes if they don’t acquiesce to his dream of a change to the state constitution. I think we all know that any incremental income taxes from a graduated income tax structure won’t be used to reduce property taxes in… Read more »
Unfortunately there is no option of “cut spending” so the best I can do is vote no to this new tax hike scheme that, if history is any guide, will just amount to more spending. Voting no thus is a vote to cut spending … just what Illinois needs!