-- 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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Watch out for the push for a city income tax in the spring session of the Illinois legislature. The mayor is already maneuvering on it. The city has an annual shortfall in the roughly billion dollar range, and that’s not providing anything for the illegal alien expenses, or any meaningful contribution to the pension hole. There is no other revenue source that can provide the huge jump in revenues required by all these leftie proposals. Property tax, financial transactions tax, jump in sales tax– nothing comes close to generating enough.
Well BJ, they tried this in Detroit and biz picked up and left!
FAILED CITY ALERT: EDITORIAL: Johnson Wants To Bleed Business To Fund His Marxist Manifesto