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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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What I don’t understand about these tax-by-mile systems is the potential privacy solution. Of course I don’t want to share my GPS data with the government, but there ought to be a simple way to just share odometer mileage and have it signaled whether it occurs onside Illinois or outside of Illinois. Its a simple binary question. Yes inside Illinois or No outside of Illinois. And what happens with mileage outside of Illinois? is the driver invoiced by each state (that’s essentially what happens with gasoline sales tax outside of state)? Otherwise drivers will game the system and register the… Read more »