-- 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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Nothing will change except, possibly, to get worse. Meet the new bosses, same as the bosses.
This news is actually a really bad omen for the future. Communists aka Democrat-Socialists (DSA) will be elected to every one of these seats. It’s only a matter of time before the have the majority of city council. We’ve already seem glimpses of DSA’s agenda: nationalize all the utilities, defund the police, like actually disbanding the police department, and rent control. When they have control, they’re going to be like every other communist revolutionary in history. They’re going to go insane. Expect a suburban commuter tax, the return of housing projects, I only half jokingly suggest they’re going to rename… Read more »
https://chicagodsa.org/campaigns
Appears that this lot lifted their agenda wholesale from socialist Venezuela, lol…!!!
Chicago is a home rule municipality and prohibited by law from collecting any taxes based on income. They would need the GA to change the law to implement a commuter tax, which would be political suicide for any pol outside Chicago. I don’t see that happening at all anyway without a city income tax first.
But I do envision them bringing back the corporate head tax and nickel and diming every business and real estate developer left in the city with fees and new taxes.