-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
So what does Senator Plummer propose to reduce the need for tax revenue?
I’m guessing nothing. Democrats too easily rely on tax increases and the ILGOP just opposes everything and offers nothing in terms of solutions. They yell “cut taxes” but don’t show where the corresponding cuts will come from. Very similar to many of the comments on this site. One comment recently sums this up perfectly: “cut property taxes in half and then cut them in half again” with no plan to cut spending or raise taxes elsewhere.
Maybe the taxes should be cut in half a third time and then still be higher than Colorado. I have given many ideas on how to replace the revenue but most like you developed moderate to severe dementia from drinking your Opus 1 all day long so you don’t remember anything idea I or others have given. Next is liver failure and one of the signs are yellow eyes. But your insurance is the best available so there are 3 or 4 livers waiting for you at the transplant hospital. P.S. Make sure someone is close to you when you… Read more »
Wow, Freddy is this the new FREDDY? Normally, you are mild-mannered, cordial to friend and foe to the point of inadvertently someone to be admired. But, somehow now the tiger in you apparently has been unleashed! I feel your pain here, and it’s because deep down you are a tireless advocate for treating your fellow man RIGHT and devoted to that end in word and deed.p, it seems to me. Don’t give up on any of it. We’d miss all of your good, thoughtful qualities. We all have our own “mountains to climb,” so I beg of you to be… Read more »
Amen, James. Ditto. Perhaps it was a case of late Friday night in vino veritas.
Freddy, I hope you continue to comment. We have learned much from your comments and you should not base your decision on comments from the “irreconcilables” — those whose minds are closed.
“People have better things to do when they retire.” Yet you are on here commenting? It’s ok for you and not for me because I have a differing opinion? I wasn’t trashing you personally Freddy, I just don’t think your idea is fiscally realistic. I didn’t even mention your name in the post as I wasn’t trying to make it personal. We have discussed in the past that I agree property taxes are a horrible way to collect revenue but we would need to increase taxes elsewhere to provide that type of relief. Until voters get on board with tax… Read more »
Also, Freddy, I wish you a long healthy financially prosperous life. Just because I disagree with you on your ideas doesn’t mean I wish ill will on you or your family. It’s sad that our current political climate causes people to fill their hearts with hate when others don’t agree with them.
“Even Satan does not step in this state but he is taking notes.”
Love that line. Hey, I like your posts. Freddy, it is understandable why you want out of Illinois. But I hope you keep commenting on wirepoints. Sincerely, Reese
PPF, get off it. This site and other fiscally sane voices inside the General Assembly and outside have consistently offered a long list of ways to cut spending to reduce taxes, to which you and our profligate supermajority establishment turn a deaf ear. Off the top of my head: End spending on illegal immigrants and sanctuary status, consolidate the hell out of local governments, end the state’s disastrous subsidies of green energy projects, close nearly empty schools, reform the collective bargaining process, reform the obscenely fake prevailing wage rules, end teacher union right to strike, end giveaways to nonprofits with… Read more »
Mark, Do all of your suggestions that you’ve offered allow for property taxes to be cut by 75% without raising taxes elsewhere? What statement did I write that I should “get off it”? or do you just want people that complain in the comments section with zero diversity of thought? You want to reform the collective bargaining process that’s enshrined in the constitution by the voters? Something I didn’t vote for yet I’m responsible for? I’m assuming you were the one partaking in wine when you wrote your comment as it isn’t filled with any logic just frustration that I… Read more »
Hmm.. pretty sure that if all of the initiatives Mark mentioned were implemented, it would move the needle exponentially. So many of his ideas could be voted for directly on a ballot and not left to dithering politicans or politicians that really don’t do what’s in the majorities interest. Propose ending the sanctuary status of the state and ending handouts to illegals and watch it pass. Propose consolidation of multiple, overstaffed government agencies and watch it pass. Propose just about anything Mark offered as a solution to IL economic quagmire directly to the voters and watch it pass. Let’s stop… Read more »
“pretty sure that if all of the initiatives Mark mentioned were implemented, it would move the needle exponentially” So how much savings would be the result of those cuts? I read that Illinois counties collected around $37 billion in property taxes in 2023. It was over $18 billion just in cook county. In order to cut property taxes in half and then in half again, you would need to get around $27 billion in savings. No one is offering up any savings solutions that are cutting that much from the budget. Unless the state starts kicking in more money for… Read more »
Amen. “Not politically feasible” with all the self righteous blather really means “we own this state, and we made sure there’s nothing you can do about it.”