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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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You must be joking; Illinois problems are not going to end anytime soon.
Government employee’s greed and lust for more money is here to stay.
Fits and Starts? Try sputters and dies.
Chicago journalism is dead.
Fed govt gives Illinois billions of dollars. Illinois gives billions of dollars back to the fed govt. Take $$$$ out of right pocket then put it in the left pocket. I’m JB PRITZGER, I’m smart, i wanna be president (perish the thought).
We’re about 2 years away from the next Fair Tax push in which they will make the same arguments they did in 2020 while memory-holing touting their financial acumen in 2022.
The best way for the “fair tax” to pass would be to set a flat tax increase that will go into effect if the “fair tax” doesn’t pass. If the legislature sets it up so that the income tax rate automatically increases to say 6.5% for all taxpayers or the new progressive tax rate that they establish. Voters need to be faced with a choice that lays out a tax increase for all or a tax increase for the “rich”. Let the voters decide which tax increase they prefer. While I’m not fully convinced we are only 2 years out… Read more »
Disagree. The next constitutional amendment should be to exempt retirement income from taxation, greatly reducing the chance retirees would vote against it. Old people don’t like change, and changing the tax code makes them think they are next. Just remove them from the equation. People don’t typically respond well to ultimatums. And the GA probably won’t risk the backlash if the measure fails and everyone is saddled with the same high rate. Keep in mind nothing is preventing them today from hiking the rate along with raising the exemption amounts and increasing tax credits, which would be a pseudo-graduated rate.… Read more »
They’ll just count the votes until they get the correct result. They’re still counting in DuPage.
Wow. Somebody other than Wirepoints sees through Pritzker’s hot air on this topic. Now where is the other 99 percent of Illinois media?
Heads firmly implanted up the DNC’s ass