-- 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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97% of the taxpayers will see relief and the new fare tax plan will increase revenue 3.4billion. Look forward to further analysis on how they came up with this.
Mark – How can JB claim his plan will raise $3.4B in new revenue when last year’s CTBA graduated tax plan with higher rates and a top rate of 9.85% estimated only $2B in new revenue?
https://wirepoints.org/ctbas-new-progressive-tax-proposal-makes-our-case-against-it-wirepoints-original/
Bingo. We’ll have to dig into that to find out why it’s bullslhit, but it clearly is bullslhit. We’ll start by pointing out that $3.4 billion doesn’t solve much anyway. We will have lots of articles on this. It’s full of problems.
Gee, I wonder what happens to the single mom in their example when those getting slammed at the high end pick up and move…
Same thing that’s going to happen to everybody else that doesn’t pick up and move.