-- 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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The Dems are looking at what a real recession will do to the smoke and mirrors budget of the State of Illinois. They’re scared, but only because they love their power. They have no solution other than to take another run at taxing anyone wealthier than themselves. Businesses in Illinois are teetering on the brink of failure due to King Jabba’s awful policies. One wrong move and they’ll fall like dominoes. Uncle Sam won’t rescue Governor Flintstone this time.
I think the next item will be to tax pensions in Illinois like they do now in Michigan. That may also be the straw that breaks the camel’s back….
Don’t forget about a city income tax.
Flat tax is the only thing keeping Illinois’ steady flow of out-migration from turning into a balls-out jailbreak
Illinois is going to tax air soon.
Some of the highest taxes in the USA and not the change of a nickel.
Says something about how they handle their money.
The pension time bomb is going off right now and all the money in the world is not enough.
If it is to be progressive, then it should include all income, otherwise it is not progressive.