-- 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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As an argument to support a progressive state income tax, it’s silly to say that many states already have such a system in place. All of those states manage taxpayer money better than IL, because IL is the worst in the nation at doing so. A progressive state income tax in IL will allow IL to mismanage even more tax revenue.
Many states only charge homeowners around 1% property tax rate. Shouldn’t we follow their example as well?
According to Attom Data Solutions, the nationwide average is 1.16%. Here are some interesting maps which use their data. Thanks go to them for allowing it to be shown to the public.
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