-- 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
The goal isn’t higher real estate values for Chicago. The goal is confiscate and redistribute as desired.
Better yet, why not legally, embedded in the Ill constitution, make it illegal to move out of the state?….or if that will not work, impose like a 90% sales transaction tax if someone wants to move out of Illinois?
That way, we could increase the pensions and medical benefits and salaries for all Illinois/Chicago public employees including the aggrieved Illinois teacher’s union.
Same group that backed the Fair Tax. In fact, if you drew a Venn diagram of the supporters for both this real estate tax and the fair tax, it would be one giant circle. These groups aren’t interested in fairness, they’re interested in more.
https://www.bringchicagohome.org/supporters/