-- 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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Does Pritzker have the right to change federal tax codes
He’s not changing the federal tax code. He is looking to change the state tax code so as not to allow the same tax credits that the federal tax code offers. The business utilizing the tax credits would still benefit on their federal taxes just not from the state. I believe New York did this back in April.
Thanks
Moving deckchairs, Titanic comes to mind……