-- 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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I said this very thing a couple days ago.
Yes you did. You were touting it as a revenue neutral strategy. Unfortunately the state needs more tax revenue not the same amount.
Illinois has some of the highest taxes and not the change of a nickel. What went wrong?
I guess our worthless government workers need multimillion dollar pensions paid for by the taxpayers. There is a pension time bomb going off right now and taxes are going to get much, much higher. Today’s taxes will look low in 5 years. Looking out ahead the shortage of cash flow is insurmountable.
A recession of any magnitude will crush Illinois.
10.25% sales tax to eat in a restaurant in Chicagoland. Add in a 20% tip unless you plan to never eat at the establishment again. Dinner and drinks with the Mrs. is an easy Benjamin. In the 80s I thought $40 was alot of scratch for a kiss. Whew! Where did my love go?
Yep. Post COVID all of the decent rooms my wife and I patronized that used to be $70 for two dinners and a couple of cocktails are now $120, and frequently more.
Friday night out used to be every week, now it’s once a month-n-grit your teeth when the check arrives.
Go ahead and raise sales taxes some more. See what that gets you….
So if you don’t plan on coming back you’ll cheat the hard working wait staff. This sums up the type of person you are perfectly. Good to know your desire to steal from people is not limited to public employees.
If sales tax is reduced to 8 percent you’ll save a whopping $2.25 on your night out. Maybe just stay home and make yourself some chef boyardee from a can. Need to save that money for your Bowmanville property taxes.