-- 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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““After dropping over $2 billion on a net basis (in April), total income taxes suffered only minor losses in May (compared to 2019),” COGFA revenue manager Jim Muschinske said in the monthly report.” How in the world did income taxes suffer only minor losses in May as we were still in the middle of a shut down? Is may usually a down month because the 2nd quarterly payment is due in June? that might make some sense, but it boggles the mind that there are 1,000,000 unemployed Illinois residents and personal income taxes in May 2020 was only slightly… Read more »