-- 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 think most of their problems are caused by the feds stalling the process to reschedule cannabis to a schedule 3 drug as opposed to s1 where it is now with heroin and fentanyl.
Leave it to IL to screw up pot by overtaxing it. The beast has to be fed before anyone else can make a dime.
IL taxes are not the worst problem for cannabis entrepreneurs. IRS schedule 280e prohibits them from deducting business expenses from their taxable income. This punitive law goes away when cannabis is rescheduled to 3.