-- 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 Public Sector Unions are ruled unconstitutional then all of this absurd mugging of the taxpayers will come to a screeching halt.
That’s not happening TPG. Public Sector unions have a right to assemble and more importantly they are constitutionally protected to collectively bargain in Illinois. Keep clinging to this belief if it helps you stay put in Illinois. Plenty of taxes to start collecting from you TPG. Looks like the SALT cap will be increased to 40k per household. That 30k increase should save Illinois taxpayers on their federal returns. A household making up to 500k per year would be in at least a 32% marginal bracket. That’s a $9600 savings on the 1040. Illinois can start figuring out a way… Read more »
This is obscene. At a time when the state is broke, taxing people to the moon and losing people and business who have moved elsewhere, every single government agency in the state is upside down financially, every school district is stupidly broke…increasing the cost of state government is flat out criminal. It acknowledges that the elected officials are, frankly stupid, do not care and have their own interests at heart. Government produces nothing, it forcibly takes money from its residents in a wide variety and ever changing ways, and spends it. In Illinois case, they spend it in the best… Read more »