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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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It would have been a bit more palatable if the gas tax were raised about a nickel/license fees $5 or $10 instead of hitting us over the heads with massive increases most of which will somehow -someway be funneled into pensions and or huge salary spikes to public workers even though those funds are suppose to be in a lock box. Remember! Who has the key?? Progressive rates would have had a better chance of passing if voted for first with reforms as an incentive but will probably be voted down. Then the democrats Plan B will take effect whatever… Read more »
Would’ve been nice if the doubling of the motor fuel tax coincided with abolishing the state sales tax on gas. The state still would’ve come out ahead.
Nixit–Good idea!! You know the Dems will dangle a very very small reduction for property tax’s in exchange for votes for the progressive tax. Unfortunately some voters may fall for that but hopefully the extent of these tax increases and more to come will be felt in our wallets and votes.
Wasn’t this the same editorial board that recently argued in favor of Jabba’s progressive tax? If so, which is it, CST?