-- 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 that it’s important that, you know, we come up with solutions that are sustainable …”
Additional taxes on the “ultra-rich” is not a sustainable solution, because many of the “ultra-rich” would then relocate to avoid the additional taxes. Back to the drawing board.
A tax increase for all is the other choice. I agree to targeting the rich isn’t sustainable but don’t get mad when everyones taxes go up.
Nope. Service cuts are the only real choice here. The rest is sophistry.
I’d cut PPF some slack on his comment, except that Illinois is already the highest-taxed state in the country. In this case, continually raising taxes will only accelerate the out-migration of the wealthy, the rest of us, or both. Is the end game for Illinois to have as citizens only public-sector employees watching over illegal immigrants?
You’re probably right. Illinois and Chicago are taxed so high they can’t possibly continue to increase taxes. I’m sure you’re right. I’m sure BJ and JB have seen the error of their ways. I mean after the progressive amendment failed, JB clearly understood that he couldn’t then raise taxes on everyone else. Oh wait. lol
That’s not at all what I said. Of course, BJ and JB can and will continue to raise taxes.
The people of the state said NO, don’t try again!
Glad there’s a Amazon pickup box close.