-- 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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I thought it was illegal to tax personal property in any way according to Article IX Section 5(c) in the Illinois Constitution even in home rule communities. If you buy a book at a store you pay a tax but now the digital download could be taxed. Could someone explain this in more detail? It’s a little confusing. Soon they will taxing the number of words in a book not just the book.