-- 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 is at least the 3rd pro-Fair Tax article by the editorial board in the past few months. Then there’s letters to the editor they publish by all the politically-connected randos in the state. What a bunch of pimps.
Yeah, but like with the progressive state income tax applied to workers, the retirees will also find as the rates move upward, they’ll be considered affluent with their retirement incomes of around $100K. It’ll be way too tempting for Pritzker and company not to go after those retirees.
Also, once again, taxing retirement income will increase the rate of outward migration, a rate that is already unacceptably high. Chicago and IL should put forth ideas to lower or reverse the rate of outward migration, not increase it.
“Chicago and IL should put forth ideas to lower or reverse the rate of outward migration, not increase it.” They want you to leave. The state only wants poor people, and rich people, and everyone else can go screw themselves. That’s exactly what California looks like right now. They want this because it ensures there will never, ever, ever be another Republican in a statewide office, and nothing less than a super majority in both houses. Trust me this is their ultimate goal, unchecked, unregulated, unabated power. As it is for every political entity. it is obvious from their job… Read more »
Agree with comment—even lib st is admiting, along with everybody else fair tax, legalized pot & gambling will barely make a dent..whats astounding for a st editorial is they advocate for taxing top public sector pensions! But state a pension amendment is a no go? Say what??