-- 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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Time Illinois taxes ALL Illinois paid pensions >$100,000 and those taxes go to the state pension fund! It’s a start that will help!
Are you supporting a progressive income tax for Illinois? That’s what needs to happen to only tax high value pensions as you suggested.
Also, there’s no way IL would tax pensions without taxing SS.
Absolutely. If anything, Illinois would start taxing SS and IRA/401k withdrawals and not tax Illinois public pensions. Sam needs to be careful for what he wishes.
YES. This would accelerate the decline. More, faster, destruction.
Illinois has a budget deficit while all of our neighbors have a budget surplus? SHOCKING
JB’s loyal parasite slithers out from his master’s fat folds to parrot a press release disguised as ‘journalism’ and deliver the bad news to the Public Sector Unions. Duty done, he slides back into the warmth and returns to monitoring and censoring his own little Echo Chamber.
Rich is just being a good toady and starting to socialize the notion that the state won’t be handing out more free money in the form of additional egregious pension plans. His boss man JB is proud of his toady.
Well Rich if memory serves me correctly you cheered on the various employee organizations as they demanded more and more without a care of how things would be paid for. You supported the Democrats when they promised more and more along the way. Quite frankly you and that little blog of yours are and have been a part of the problem as it unfolded. Your big miscalculation was that another Democrat carrying bundles of bailout money would come to the rescue of Illinois. Your hopes, along with those of the army of Illinois public employees, have been shattered forcing you… Read more »
Rich must have started reading Wirepoints. He sat on his fanny for decades never criticizing state budgets, pension shortfalls or public officials’ blatant lies about reforms. Now all of a sudden he writes an article talking about pension problems. Better late than never I suppose.