-- 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
Indiana is waiting 🙂 7% sales tax (No local sales taxes allowed)
AAA Credit rating
2.2 Billion Dollar Surplus
1% cap on property taxes
Best job growth in the Midwest
No kiddin.
I just commented on this yesterday in a separate article. Strange days indeed. Johnnie’s beef is still the best in the city, regardless of sales tax… Back in January, I made a $300 electronics purchase at Best Buy. I could’ve went to Melrose Park or North Riverside stores that are closest to my home. Instead, I drove straight past them to Downers Grove. Saved $5. Then I ran other errands and went to dinner out there (and discovered a great pizza joint). All purchases made in DuPage county. The trip more than paid for itself in tax savings. Even if… Read more »
All my shopping is done in DuPage except for a few groceries if I forget something. It’s worth it, in spite of the fact I live on the far NW side in S***cago. City gets enough of my money in property taxes, sales taxes go out of the city and county.
“Volpe said the money could be used on anything that would help to improve the businesses in that district in terms of making it more inviting to customers.” Lowering the sales tax is a really good way to make it more inviting. The businesses in DuPage and Lake Counties can testify to that after the Cook County tax increase.