-- 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
I have to admit it sounds like a great idea to some of the voters in Chicago. Tax whoever we can except Chicago residents, that should get him a big chunk of votes. You’d have to think that every city union worker would be in favor of this. I guess that 10.75% tax we pay on lunch every day (and other things) isn’t enough. Do these idiots not realize that it’s really just another tax on a business that also employs Chicago residents. If I was a business owner in the city I’d be looking to run from this city,… Read more »
Insanity! God forbid these fools actually do something to FIX the PROBLEM and reform the system!!! Nope….just add more taxes to cover the costs of over-promised benefits. The system is broke and not fixable. Just file bankruptcy and get it over with. The unions failed their members by the demands made upon the back of taxpayers and despicable pocket-lining politicians are just as much to blame.
I predict a City income tax and a Commuter tax to be implemented at the same time.
City income tax is definitely coming. I would guess in 2020.
I don’t think there is one city in America that has a commuter tax that doesn’t also have a city income tax on its own residents. Is Chicago going to tax its own residents? The typical commuter tax argument is that nonresidents benefit from City services (police and fire) and should help pay for the cost of those services. But these services are already paid for by the landlords and building management who factor in the property taxes that pay for police and fire services into the rents they charge their tenants. Employers have been paying for police and fire… Read more »
It’s a bullshit argument. Every tyrant tries to justify their actions