-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Madigan has been on the stump for a graduated income tax for quite a while and he now has someone to push it through for him. The sad thing is everyone with a paycheck will, if for no other reason than wage inflation, be faced with a tax hike. Pritzker, being in the upper %, will be sure to put in incentives so he and his buddies won’t be penalized meaning once again it will all fall on the middle classes and, being we are in Illinois, the middle class will fall for it and vote for Pritzker
JB is a nice person. His economic policies are totally wrongheaded and don’t have any critical thought behind them. Already, all of my friends are changing residency, or fleeing the state. People don’t realize that if you are wealthy enough, your home value is simply a line item on a balance sheet. You can hire attorneys to figure out how to avoid tax.
This tax increase will kill the upper middle and middle class. They are sitting ducks and have no way out.
Uh, everyone is free to move. That is the out.
At least with Pritzker the demise of Illinois will fall of Democratic shoulders. Hopefully Trump will still be in office with a Republican house and senate so Trump can enact revenge on Illinois and turn a shoulder to this reprehensible state as it collapses under the weight of pension debt.
I’m sure the media will spin Illinois’ demise to be the Republicans fault even with the Democrats controlling all levels of power
If “the vast majority of Illinoisans would get a tax cut,” implementation of his plan won’t put a dent in the unfunded pension liability. So, if what he says is true, what’s the point of his progressive state income tax plan?
The plan is to change the state constitution, so every year the law makers can adjust the brackets of income tax to balance there fake budget. It has nothing to do with fixing the stare but every thing to do with taking more power away from the people.
It’s not true, doughnut boy is lying. Anyone with a paycheck who thinks they’ll get a tax cut is fooling themselves