-- 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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For 20 years I never once had to really visit my CPA’s office, she could have been in the Bahamas for all it mattered. CPA work is not like your mechanic where location matters, they should be the last ones complaining, the guy that does your oil changes on the other hand needs to worry.
Half of all lawyers are solos or in small firms representing small businesses and household. This would be a huge tax on consumers who use attorneys for real estate transactions, estate planning, criminal cases, civil cases, bankruptcy and so on. Awful idea.
Unfortunately our en-educated voters think it’s a tax on lawyers, accountants, etc. What they don’t realize is all taxes ultimately end up being put on the consumer.