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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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Step 1. Pass progressive tax amendment. Step 2. Raise rates on top 3% or income earners. Step 3. Increase progressive rates so that the top 20% (instead of top 3%) pay more income taxes. Step 4. Increase top income tax rate to 12.3% followed by lowest rate of 6% Step 5. Continue to increase progressive rates until revenue no longer increases. Step 6. Start taxing services. Step 7. Start taxing retirement income. If polling starts to drop as taxes increase point out that opposition is out of touch with gay rights issues, abortion, women’s rights, etc. If someone is against… Read more »
Step 1- take a chainsaw to immorally high pensions
Step 2- problem solved
This is the correct, but most difficult, choice.
You’re right The Truth Hurts, 100% right about this being Jabba’s and Madigan’s plan. Eight weeks ago I would have agreed with you and considered it an inevitability. Now, everything’s changed, and it’s not clear what will happen. There’s a lot of assumptions in that plan that are now questionable, including higher taxes on those who can least afford it, a washington DC that goes completely blue (not likely at all), the sudden less importance of the culture wars, the lack of services to tax at this point and the measly retirement income to tax (other than pensions). Red states… Read more »
Somewhere in there, like Step 2.5, might be an effort to make the tax rise retroactive to 1/1/20 because why not?
Jabba, the Governor of the Parasite State, wants a blank check so he can keep spending with no reforms. Not happening!
I think they’re all lying to the union members about layoffs, and that day will come soon, but they won’t tell anyone about it until its too late for them to fight it, because the cuts will have already been made. Math always wins.