-- 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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Even with a 10% city income tax like NYC they would still find a bunch of cronies to pay and still wind up short each year… the city is ran like a super massive black hole
A ‘progressive’ commuter income tax will make my office move from Chicago to Rosemont quicker than bullets fly in Englewood. I won’t be paying any ‘commuter’ income tax because my office happens to be in Chicago. I spend less than 40 hours a week there; there is no good reason to give them 3.5% of my income for the privilege of spending an hour each way to get there a few times a week.
People don’t seem to understand overall tax burden. Adding another tax is no different than jacking up property or state income taxes.