-- Connecting the dots between our economy, government and business --
The idea that the state's financial hole is just $3.2 billion is preposterous—off by several multiples. And that's the claim underpinning the argument of pro-graduated-tax progressives.
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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Thank you Mark-Fantastic!! no matter your politic–why isn’t ending the fake repressive scam of government cash accounting a human right up there with healthcare??? haven’t the Europeans, Canadians, Japanese ,who the left always want to emulate, already largely done away with cash accounting with the adoption of international accounting standards?
Can anyone explain why Martire and Manar went through all the trouble of the new evidence based funding formula only to have it fall a few billion short of what is allegedly needed? TTalk about a bait and switch.
Because he knows a progressive tax can’t raise much. The new funding formula was very obviously designed to allow schools to scream “inadequacy” indefinitely. Martire has already moved on to advocating a range of other new taxes beyond the progressive income tax. I give him credit for being more honest about that than other progressives.