-- 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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Hmm – how to make up for a revenue loss of $80M. Reduce bloat.
Ralph Martire’s organization, the Center for Tax and Budget Accountability, is funded by public unions to promote tax increases with little accountability. Although he claims to be non-partisan, he actually serves as a front for the unions and the far-left agenda. Additionally, he receives $250,000 annually from the Illinois Legislature to draft pro-tax initiatives. This represents a significant waste of Illinois taxpayers’ money on pro-tax initiatives. This represents a significant waste of Illinois taxpayers’ money..
Taxation, the city and states way to solve the states headaches.
Martire takes a lot of public union money to run a misnamed group that always concludes that more taxes are necessary. He has a good racket going for himself. Could he run his own group indefinitely on massive deficits?
Ralphie never mentions now spent and not returning ARPA-COVID funding as one of the reasons for gigantic revenue shortfall??