-- 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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Wow, that’s an amazing article and not in a good sense. For example, he’s sure the wealthy won’t leave when their income tax rate significantly increases. That’s illogical. Some will stay because of family, friends, jobs, businesses, etc., but many of the others will leave. Also, the former group needs to reassess whether those reasons are good enough to remain in a state that will continue to gouge them financially. Also, he talks about a six percent flat income tax rate as a bad thing. However, after one or two tweaks of progressive tax rates, many IL residents will wish… Read more »
“Simply put, our current tax system is not working. It isn’t working for the middle- and lower-income families who have to pay a disproportionate share of their income in taxes.” This guy is an F’in idiot. The .05% reduction in taxes for most incomes under $250,000 does nothing to change what middle and lower income families pay in taxes. The alleged ‘disproportionality’ stays, for all practical purposes, exactly the same. Middle and lower income households also continue to pay the $.19 cents a gallon gas tax hike and increased motor vehicle registration costs. Who are these people and how do… Read more »
And he runs Think Big IL, the main group supporting the progressive tax. Check his bio. Career political hack. Note how he accounts for the motivations of us on the other side — we don’t care about the working class. The righteous left have a monopoly on that, he tells us. Nothing like insulting the people you need to convince.