-- 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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What a hypocrite. Martire is whining about inflation, when the Fair Tax, which Martire wholeheartedly endorsed, ignored inflation completely. He can cram it. In addition to ignoring inflation, The Fair Tax included a child tax credit. But when the fair tax failed, everyone cried poor mouth and the CTC magically disappeared. JB lost and took his ball home, not giving two sh*ts about poor families. Now that we’re seemingly flush with cash and inflation skyrockets under a Democrat regime, the child tax credit magically re-appears. CTC is not a bad idea, just that the timing is disingenuous. The credit was… Read more »
What is it about everyone paying the same percentage isn’t fair? If I made $100 and someone else made $1000, and the tax rate was 5%, I’d pay $5, but someone else would pay $50. Fair enough. Income increases as we get further along in our careers, most of the time, our children are out of schools, but we’re still burdened with paying the school taxes. Start by eliminating the waste, renegotiate the pensions, that were giveaways in exchange for political support decades ago. Stop thinking of ways to give our tax money back to us, and let us keep… Read more »
There is no renegotiating pensions. It is a debt obligation at this point. You can try and cut spending elsewhere but nothing meaningful. More taxes are needed so at this point it’s just deciding who pays.
They just say “it’s not fair!”. That’s politics these days and unfortunately it works. Just say things that make virtually no sense, because you want it to be true, and everyone claps like seals!
With numerous tax credits and exemptions, many of which are not available to high earners, everyone does not pay the same percentage.
Shifting taxes is myopic. Illinois overspends by a great deal on things which are purely partisan, like public employee pay and benefits and pensions. Start there and fix that constantly growing expense in a shrinking state.
The first time I read of this person.
Please explain how a 415M $ upfront investment turns into a 1B $ stimulus and who pays for the upfront money and who benefits from the windfall stimulus? 600$ by 4.8M people is almost 3B $. Please explain how the 600$ tax credit statement does all the great things you say it does.