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.
If your kid lives in Chicago and they cancel their plan due to taxes and they go on their parents plan. Chicago loses the initial tax they were getting. So if everyone does the same they may end up with less money. Does the City think everyone is stupid and will just be ok with higher and higher phone bills? Way to many ways around this tax for it to work effectively.