-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
ThE sKy Is FaLlInG. EvErYoNe Is LeAviNg!!! AlL tHe CoViD mOnEy Is GoNe. IlLiNoIs Is DoNe. lol
Another year and another record breaking revenue amount collected.
Thanks to tax increases. Records being set in other states, too, most of which are cutting taxes.
So what? Our voters appear to reward politicians for spending more money and seem to be indifferent to tax increases, at least when it comes time to voting. Yes it costs more in taxes in Illinois but the state clearly has the ability to increase taxes and get more revenue as I’ve been stating all along.
Only in the short run, IMO.
You’ve been saying that for over a decade and it hasn’t been true. That’s the problem with the sky is falling mentality. You may eventually be right but people will tune it out when you continue this line and it doesn’t happen.
But it has been happening. Tax revenue has been up in raw total, but it’s not enough to arrest the continuing deterioration of the state. We are a drag on America’s economy, taking more from federal government than we put in, ranking near last in “equity,” near zero employment growth, and quality of life here continues to degrade relative to other places.
Good luck changing minds with what’s essentially “opportunity costs”. Those typically aren’t messages that will disrupt the status quo.
Also, you’ve been complaining that whole time about pensions eating up a larger and larger percentage of the budget. Instead, it is taking a smaller percentage of the budget.
Also Mark, if the day comes where you are right, Illinois will then cut spending then and not before. Unless the voters step in and choose different leaders before that day.
Hey how about lowering some taxes or refunds to taxpayers with this ‘record revenue’.
State isn’t paying enough towards pensions. They are shorting them to the tune of 5 billion per year. Until you start paying full actuarial payments, the taxpayers will not and should not be getting a tax break. If anything, you need to pay more so that your kids and grandkids aren’t paying for your fiscal mismanagement.
BROKE, not the change of a nickel. A$$ high in debt.
Let’s hear how rosy the budget looks when IL has to shoulder more of the costs of social services programs because of mismanagement of funds ( i.e. giving money to people that don’t deserve it ) on a par with other mismanaged states such as NY, CA, etc. Also, it’s easy to have a surplus of funds when you don’t pay your bills, monies designated for things are held back ( we hear at least one instance of this a week it seems from DCFS, etc. ). Not buying into this magic show.