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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 assume the free stuff army will be out in droves to vote for this new welfare program.
This is going to pass.
Agreed nixit. Chicago voters consistently support more benefits when the “other” guy is paying for it.
I really dislike this new trend in naming laws i the manner of ridiculously vague campaign slogans that explain little of the bills intentions. The Bring Chicago Home ordinance is an absurd name to increase taxes on property sales over $1,000,000 in the name of ‘fighting’ homelessness (as someone below points out). What’s even more ridicu is that the ordinance has it’s own Dark Money website supporting the referendum. https://www.bringchicagohome.org/ What I don’t understand is why a bunch of unions are taking positions on, and supporting with union $$$, an ordinance on homeless, that has nothing whatsoever to do with… Read more »
At the dark evil core of the union movement are die hard communists who believe wrongly that free enterprise, capitalism and even money are inherently evil and the root cause of all problems and social ills and that only they, the enlightened priestly class knows what’s best for humanity. We’ve seen this before in history from religious zealots to full on bolshevik slaughter and Intellectual purges in Asia. Dont think it cant or isn’t happening here already.
In 1913, the first year of income taxes, less than 1% of the population paid income taxes.
Any tax on the “wealthy” soon becomes a tax on everyone.
History repeats. “Those who cannot remember the past are condemned to repeat it.” -George Santayana.
Another good example was the Alternative Minimum Tax that was proposed on a few wealthy families that with the magic of inflation affected the middle class.
Most of the voters in the inner city will choose to pass the referendum since it will not affect most of them. Most home values there are very low so they will never pay the tax.
“Fight homelessness”?
Enough platitudes… Where will the fight take place? Who are the combatants? What rules will apply?
B.S. Until the people demand the MSM and our pols speak in plain, concise English, we will not give them a penny more…
The “people” had a chance and sat on their fat asses and let a commie win the mayorship with about 16% of the eligible votes. Chicago deserves every bit of hell coming it’s way. Maybe it will wake up the dipsh*t electorate. For the marxists and parasitical unionistas robbing Chicago tax payers is like robbing a passed out drunk.
It’s a binding referendum. The people will vote and decide if the city needs more tax revenue. If the voters don’t want to “give them a penny more” then they will have that option at the voting booth. Will people still blame politicians if the voters approve of this tax? Or will they finally understand that the voters are getting exactly what they want? Time will tell.