-- 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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““Effectively, this law means that to be paid as a business, a freelancer or solo professional is going to have to be set up like a business and act like a business,” Steblay said in an email.” Duh. This is common sense. Most legitimate businesses already do this. But the freelance app-based 1099 tax evasion scam (because that’s what is is) needs to end. I’m against taxes but if the government is going to tax, everyone should have to pay them. California and Illinois will get this right. The freaking out of this law is because people are misunderstanding what… Read more »