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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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“… ( a graduated income tax is) what’s needed to make Illinois a better state and, as it logically follows, a more desirable destination.” So, increasing taxpayers’ already draconian tax amounts will make IL a more desirable destination? That doesn’t logically follow. Also, there may some truth to people willing to pay higher taxes for better schools, up to a point. People I talk to outside of IL are incredulous when I mention what some IL residents are paying in property taxes for houses that are more than modest. Such tax rates don’t occur in most other areas of the… Read more »
I assume that the author really doesn’t believe this article.
You got that, Wirepoints readers? According to this article, all you who have been claiming you moved or want to move in part because of high taxes are liars. And all those 50% of Illinoisans who told pollsters they want to leave and that taxes were the top reason are liars, too.
What comes first, good schools or good residents? OneIllinois contends good schools with high taxes attract residents. I say it’s the other way around. Good residents congregate together to create good neighborhoods which value education. That makes for good school that attracts good teachers.
CPS proves this. Chicago spends more per pupil than it ever has on all it’s students. But where are the good schools? In the good neighborhoods.