-- 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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In the game Monopoly, there is a Community Chest card that requires the holder to pay a tax for not having a job. This is what is needed.
The death spiral of Chicago and Illinois
Yep, take from the makers and give to the takers.
Wait, shouldn’t only the amount above $1 million dollars be subject to the increased tax rate? Otherwise, someone who bought their home for $999,999 would pay $19,000 less in taxes.
Heck, why not 50%? 75%? 100%?