-- 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 state of Illinois will only improve their credit rating by continuing to pay down its debt and by raising more revenue. All the Illinois voters that complain about the rating should start supporting tax increases.
Let’s raise the income tax rate to 6.5%. Take that extra 6 billion per year and pay down the debt faster. If you don’t want to raise taxes then perhaps identify where you can legally cut 6 billion per year of the budget.
If you can’t get on board with one of these then quit your complaining.
The flaw in your argument is, if history is a guideline, raising taxes 6.5% won’t go to the deficit but rather into new vote buying programs for the Chicagoland Democrats.
Not complaining, we got out of IL. Let the whole budget go to pensions, fine with me. Going to happen anyway.
But our media lets the Gov, Comptroller, Lori and Preckwinkle get away with bragging about the “substantial” progress they are making on the state’s finances. Can’t anyone in the Land of Lincoln read what folks outside the State say about conditions here? Maybe not. When you look at the State’s own report on public education, when so many students can’t read at grade level, what is the likelihood that Illinois adults can read a financial analysis like this?