-- 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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The new tax would be to generate revenue “to meet the city’s burgeoning public pension liabilities.” What business in Chicago would be in favor of that tax?
Once again, Chicago and IL pols are naïve to think they can continue the onslaught of new and higher taxes on businesses and residents without these entities relocating out of Chicago or IL.
“Chicago and IL pols are naïve ”
They’re not naive – they just don’t care. They don’t count on white mobile telecommuters for their votes. They count on poor and middle class minorities who refuse to leave the city for the suburbs for their votes. And laws like this don’t affect their constituency because they don’t work downtown.