-- 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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I’ve had two prolonged issues with the IRS about income from a worker in New Mexico who uses my SSN#. In resolving the problems I found that my SSN# is considered “Borrowed “. Someone is working under my number and paying into the SS System but hasn’t committed any other crimes with it. There are over 2 million of these borrowed numbers at work pumping $$ into Social Security and funding the monthly flow of income to retirees. The worker is currently ineligible to receive any benefits from the system. A web search using borrowed social security numbers is enlightening.… Read more »
There’s likely more than one person using your social number. Numbers are traded and resold. I’ve seen up to 4 people sharing the same number. They may pay 6.2% into social security but they have 10 exemptions so no state income or federal income taxes are withheld. They might also be using your information for credit too, taking out credit cards, maybe even a fake ID. The IRS knows about this. The FBI knows about it. Police Departments can run your SSN and get the report that shows exactly how many people are using your SSN. But nobody cares or… Read more »
1.1 million of 12.7 million Illinosians are on public assistance? That’s about 9% of the population when Old Joe went to school.