-- 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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These wealthy Democrats are such hypocrites, and they know it won’t happen because the federal govt can only tax income, not property……..so speaking out so publicly in favor of it makes them look generous without being generous.
Exactly. Not to mention-on the state level-that whole business with the toilets. Sad thing is, a lot of folks will view this as some sort of magnanimous move on their part.
The have too much money – for sure. But giving the money to the government is probably the 2nd worst possible way to spend it other than flushing it into the sewers. What ever happened to the days of the robber barons doing their philanthropy? Where are the public libraries, theaters, pools, parks and so on? They’d rather give the money to a wasteful bureaucracy that enriches few outside of DC rather than actually spend it on their common man.
Sickening.
Just a guess, but maybe it took more to convince the masses back then.
When the Pritzkers created the Pritzker Foundation, I assume they deduct any personal contributions into the Foundation from their taxable income, correct? In other words, when the Pritzker foundation donates $100 million to Northwestern and UofC, aren’t those donations technically subsidized by taxpayers because of the write-off?
Either way, there’s nothing preventing any citizen from paying more taxes.
True. If they write a check today to the state of IL for $100 million, it will be cashed tomorrow. Sad part is that’s a fraction of a percent of what the state needs to get out of debt.
The check for $100,000,000 would be cashed tomorrow, and it would disappear the day after that. I once worked for a medium sized employer and I was personally responsible for creating what I believed was a large windfall. The owner laughed and said that windfall was gone in a day just to pay payroll taxes.
You really can’t make this up.