-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Politicians prefer a progressive income tax because they can raise taxes without making everyone angry at the same time. A flat income tax helps keep politicians accountable. No progressive tax!
There have been several articles about how this proposed amendment will add language to avoid having to ask taxpayers for changes in the tax rates or income amounts taxed at the higher rate. The dark side of Pritzker’s “millionaire” tax needs to stay in the discussion.
The wealthy are leaving no matter what, too late to change that now. All of their friends who have left tell them all the time it was best thing they have ever done for themselves and their families.
The HUGE PENSION debt is insurmountable and getting worse every year.