-- 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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I believe the progressive tax will fail by the smallest of margins in the popular vote, like 59/41 or something like, and the state will retaliate with a vengeance against its citizens by raising taxes on everything it can as quickly as possible. Vehicle license fees will triple, the flat tax with double, the state sales tax will jump to 10%+. It’s going to be awful.
Dude is relentless, ain’t he?
He is indeed. Exceptionally clever in that his numbers, taken literally, are generally right but extremely deceptive if you look closely at what the numbers really mean. He was a transaction lawyer but would have been a great business trial lawyer.
It’s amazing to me that he says there’s no evidence this won’t work (paraphrasing). I tried to comment, but it wouldn’t accept it. I think watching what happened in CT this decade is as good of evidence as any…https://www.cga.ct.gov/2018/rpt/pdf/2018-R-0058.pdf