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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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Of course, nothing in the article tells us how much the proposed child tax credit will reduce state revenues. “$700 per child for eligible families. Those who would be eligible for the full amount are joint filers earning less than $75,000 per year and single filers earning less than $50,000 per year.” That’s a lot of kids – going to mean some hundreds of millions less going to Illinois in tax $’s I’d imagine. Someone’s going to have to make up the difference. Just the ‘Rich’ people, though, dont’cha know – finally paying their ‘fair share.’ And if that doesn’t… Read more »