-- 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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Sounds about right. Illinois and Chicago are legendary in drastically overestimating or underestimating; whatever furthers their far-left cause.
The millionaire tax is just like all the other taxes that were enacted supposedly to cure an ill, but were siphoned off for pet projects and general fund use. How about the lottery, which was for education. That didn’t go very well based on current CPS budget shortfalls, not to mention your sky high property taxes due to school district costs. Remember the tollway charges, which were only supposed to retire the bonds used to fund the construction. Not only didn’t the tolls never get close to going away, they were doubled by Pat Quinn to fund perpetual work for… Read more »
^^ 1000000000000000000000000 +++++++++
Yeah, it has no hope of producing much of any impact on our lives. It is a ploy, a shiny thing for the masses to focus on, with this bill, they are telling us who to blame for their bad decisions. With Illinois every day you say to yourself, “wow, can’t get much worse”…then it does.
Hmm.. and making up the shortfall will be the next tax bracket down, all the way to the underserved that don’t pay taxes anyway.