-- 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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Edwardsville instituted a sales tax recently for the same thing. Regardless of the method this new tax scheme is coming to a taxing body near you
You are correct. Cities and the state will need more tax revenue to pay the required debt. Taxes are going to go up either way so we need to discuss who is going to pay. Personally I would prefer any tax other than property taxes but that’s not up to me. It’s up to all of you and the rest of the voters. Either way more taxes will be needed.