-- 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 long-term goal is to reduce the threshold and increase tax revenue. Family farms have been an obstacle to that goal. By carving out the farms, this creates a separate class of all other liquid assets (stocks, mutual funds, cash, etc.) fair game for reduced thresholds and increased taxes. If you thought you were below the current threshold and exempt now, then don’t be surprised if your assets are impacted in the future.
This is Illinois. THE ONLY goal is to force the family farmer off the land so that Big Ag or Bill Gates can buy it, and then hire illegal immigrants to farm it. Our leadership HATES white conservative farmers. Some of our state reps look to Zimbabwe and South Africa and want to recreate their disastrous land reform. Because they think farming is easy – you just put seeds in the ground and stuff grows, right?