-- 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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This 1% tax will go to fund the unfunded pension liabilities even though thru out the years taxpayers paid their property taxes and state taxes and the money earmarked for pensions was “Diverted” to something else like higher salaries or political pet projects now they want to tax us again for politicians mismanagement or misappropriations of those monies (think pension holidays -Do you remember any property tax holidays?) How about a 2% statewide tax on the ballot that would pay off all taxpayers liabilities like mortgage-student loans-auto loans(before that I will buy 1/2 dozen Tesla’s and some Audi A8’s and… Read more »