-- 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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Did you happen to read the other post regarding earmarks in the State budget that was passed? In it there were basketfulls of goodies for the Illinois populace. In my area downstate for example there was 25 million for a trades training center ( I thought union apprentiship programs did this) and a 6.5 million sports area upgrade for a school district that has 139 students in high school that, based upon state standard testing, would have probably be better spent in the classrooms. None the less there are goodies upon goodies and now its time to pay for them… Read more »
Why do you assume the goodies are demanded by the voting public? Much more likely the goodies were demanded by the biggest campaign donors, passed in a budget voted on at 3 AM so as to avoid scrutiny.
Pension costs are SUCKING up all the new tax money and will for generations to come.
What about the county of Cook?
All the thumbs down votes… they love taking it in the yammy and want more!!
Nickel and Dime Ya. The new Chicago slogan
Ah, the old Mike Royko slogan works here: Ubi Est Mea? (“Where’s Mine?”)
More taxes, just like the Chicago voters like. Good for them.
You missed a clause: more taxes, for somebody else, the ubiquitous “rich”. Just like the ignorant voters believe. It will not end up good for the voters, despite what they were promised.
How could it not end up good for the voters? lol. They voted for this mayor who told them they didn’t need to cut spending and instead just needed to make the “rich” pay their fair share. So now the “rich” must pay more. Personal Property Lease Transaction TaxMotor Vehicle Lessor TaxBoat Mooring TaxCheckout Bag TaxGround Transportation Tax TNP Congestion Zones SurchargeGambling taxesAlcohol taxes. I mean come on…if you can afford to buy things that need a bag then you are obviously rich. Don’t even get me started on those people that can afford to lease a car or order… Read more »
It’s disturbing how many normal people in meet during my business and pleasure trips into Chicago who instantaneously go insane the moment politics are mentioned. We can talk about the weather, families, sports, philosophy, beer, restaurants, you name it. But the moment one mentions Trump or Republicans, their face contorts into the ugliest display and you can feel the visceral reaction to his name. One fellow the other day, out of nowhere, starting ranting off about MAGAts who voted for Trump. I suggested that maybe, just maybe, they felt that Trump actually was doing something for them, and that they… Read more »
Yes, “Trump” is a real trigger word. A friend of mine became agitatedly and vituperatively anti-Trump, especially after the beginning of Trump’s second term. Not that long ago, he said he really likes Jesus “Chuy” Garcia and will “miss him” when Garcia recently declined to run again. (This guy lives in the DuPage County zone of Chuy’s 4th U.S. Conregssional District.) My friend seems to have grown up as a country club or chamber of commerce Republican, but out of Trump hatred he now rejects the Republican Party in its entirety, because most Republicans have come to either support Trump… Read more »
I agree. I find this Trump reaction troubling, because it blinds people to discussing the merits of policies. I have clients and friends and relatives who are knee-jerk unpleasant if Trump or any of his cabinet comes up. Observant, conservative Jewish people should support Trump and Republicans, as the Democratic Party slides into antisemitism. Jewish political culture is still Democrat because they used to favor “socially liberal” programs — even though the Democrat party has moved on from plain social liberalism into social transformation and government control. I don’t think anti-Trumpers will ever admit facts of economic progress, as they… Read more »
President Trump has not even completed his first year. As he continues racking up win after win, the TDS crowd is going to look even crazier than they do now. Crazy people get marginalized by normal people, so the only people who will keep associating with the crazy TDS people will be the other crazy TDS people in the crazy TDS bubble. Americans are all going to have more money in their pockets this year due to the President’s policies, and the crazy TDS people denying this plain fact and insisting it’s not so or that it’s not due to… Read more »
A Tribune editorial today asks how the US would have any moral authority to object to a China invasion after Taiwan after our Venezuela action. Have voices like that gone mad and forgotten about a nation’s right to self-determination? Maduro had no right to power. Provided the US allows for free elections, and I think it will, the new government will be legitimate. Oh, and by the way, Venezuela has $17 trillion of oil reserves (300 billion barrels). Were we supposed to leave that in the hands of an illegitimate cabal closely tied to Hamas, Russia, Iran, etc? Realism, please.
They talked to a guy on the street down there who brought up a good point-why were China and Russia there? Not to get a recipe for their corn cakes (arepas). Maduro stole the election and now the U.S. has Dominion from there.
You’ve described a lot of public employees in your (amusing) rant and I’m happy to have them in the bullseye IF they live in Chicago. However, they’re not as able to leave until their pensions start while the rest of the voters have additional reasons to leave for temporarily “greener” pastures. The tax collectors do seem likely to reach most of us faster than the grim reaper … closing off most of the escape routes. Few Chicago voters and their elected representatives think beyond their next paycheck or the next election, so we all evolve backwards while rushing downhill.
How can it not end up good for the voters? If you find that concept hard to understand, I’m sure some Venezuelans can explain it to you.
Taxes will keep going up for many years to come. The cost of pensions is driving every city to find new sources of income. Pension costs are increasing at an increasing rate. This is a economic disaster that will not end well for the taxpayer.
Coming soon to Chicago – An Oxygen Tax!!
Assume da position Chicago taxpayers and sheeple!!
All taxes suck! Just one more reason to move out of state. Wire points has tried to stop this madness but has had zero success.