-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
This author needs to understand that: 1) the tax cuts to the lower-income residents under the progressive state income tax will be minimal, and 2) if the tax becomes law, Pritzker will periodically raise the rates so that there’s a chance that even the lower-income residents eventually won’t get a tax break. If people are naïve enough to vote the tax into law, they’ll pay for their naivete either very soon after enactment and/or over time, depending what tax bracket they’re in.
This is why the rest of Illinois doesn’t want you, Chicago. You talk down to us while simultaneously trying to sell us on your failed policies.