-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
What I get out of this ruling is taxpayers have no voice whatsoever in where their tax dollars are going. Soon 100% of tax dollars will go to pensions. Then What? Services will be eventually be cut to zero to satisfy pension demands plus healthcare. This goes against every state constitution and their responsibility to ensure laws are enacted and applied for ALL the people not just a select few. It is an ongoing fight between municipalities.politicians and unions fighting to get more money out of taxpayers and where it’s going. Most of our FUTURE earnings are already being diverted… Read more »
That’s what happens when you owe people money, you need to pay up. Not to worry, California will just increase some taxes and the problem is solved. The top rate would move to 16.3%. Once Illinois gets that progressive tax they too can experience paradise.
https://www.foxbusiness.com/lifestyle/california-tax-hike-millionaires